Updated on September 22, 2017
Use the Form Below To Get Updated Price Estimates For 2017 Obamacare Plans In Michigan
Michigan does not run its own state-based health insurance exchange. Instead, residents here use the federally facilitated site at HealthCare.gov. They can also use an independent agent, broker site or company to enroll directly while still taking advantage of cost-saving measures under the Affordable Care Act (Obamacare).
Requirement by Law
Despite the political upheaval this year over healthcare reform, it’s important to note that Obamacare’s individual mandate is still in effect. The IRS has stated that it will be enforcing the mandate as well. Under the Affordable Care Act, all eligible Americans – which represents much of the country – must hold qualifying health insurance or face a penalty fee. For this year, the fee is the greater of 2.5 percent of your household’s taxable income or a flat fee of $695 per adult ($347.50 per child under 18). The fee increases with inflation each year.
Enrollment in Michigan
During the 2017 open enrollment period, 321,451 people signed up for health insurance using the exchange, compared to nearly 346,000 last year. The slight shift downward in enrollment can be contributed to several factors, including uncertainty over the current administration’s stance on healthcare reform and rising premium costs.
While customers in Michigan can use the federal marketplace site for enrollment, it may be beneficial to shop around using a comparison site like this one. Getting current quotes from multiple carriers can help you find a plan that adequately addresses your needs and fits your budget. Brokers can also help explain your options more clearly.
In 2018, exchange customers in the Great Lakes State will be able to choose from eight carriers on the exchange, losing Humana and Health Alliance Plan. Carriers offering coverage are:
- Blue Care Network
- Blue Cross Blue Shield of Michigan
- McLaren Health Plan
- Physicians Health Plan
- Priority Health (HMO and POS)
- Total Health Care USA
Plan options from these insurers will vary across the state. Premium rate increases for 2018 will also vary, but the average is about 25.5 percent assuming that cost-sharing reduction payments will not be made and that the individual mandate will not be enforced. If CSR payments are guaranteed, then the weighted average increase is about 17.6 percent among the various insurers.
For lower- and middle-income families and individuals – those earning between 100 and 400 percent of the federal poverty level – there are provisions in place for financial assistance, including tax credits and subsidies. Approximately 81 percent of exchange customers in Michigan qualified for premium subsidies in 2017. For more information about federal financial assistance, start the enrollment process today. Open enrollment for 2018 runs from November 1, 2017 to December 15, 2017 this year.
Obamacare is more formally known as the Patient Protection and Affordable Care Act; it’s shortened to the Affordable Care Act, or ACA. This healthcare law requires that nonexempt Americans enroll in an approved plan during the OEP. Failing to meet this deadline for enrollment could mean facing a fine imposed by the Internal Revenue Service (IRS). However, purchasing a Marketplace plan ensures that you’re meeting the government’s coverage requirements.
Michigan welcomes ACA-approved coverage
According to the U.S. Department of Health and Human Services (HHS), which oversees the ACA, Michigan’s Obamacare enrollment is doing well. Between Nov. 15, 2014, and Feb. 22, 2015, 341,183 residents purchased a plan through Healthcare.gov. In 2014, there were 272,500 plans purchased through the Marketplace.
In addition, 42 percent of the 2015 enrollees were first-time Marketplace customers. And, the increases apply to the state’s Medicaid program, Healthy Michigan, as well. Within the state, 88 percent of enrollees qualified for financial assistance.
The Healthcare.gov website is a valuable tool for Michigan residents and all Americans, in general. The Marketplace is not actual insurance. Instead, it spotlights different insurance providers’ and exchanges’ private and for-profit plans. This website serves as an all-in-one destination for Michigan residents to compare policy pricing options and benefits. And, the policies available are all approved under Obamacare.
For Michigan residents, whether new or existing customers, searching for health coverage is a crucial responsibility. You should take the time to compare plans from multiple insurance coverage providers.
The federal Marketplace will enable you to plan ahead and secure your health coverage for the 2016 year.