Updated on May 24, 2018
Use the Form Below To Get Updated Price Estimates For 2018 Obamacare and Short Term Plans In Michigan
Michigan does not run its own state exchange, but instead relies on the federal marketplace at Healthcare.gov to provide plans and enrollment options to Michiganians. If someone in the State of Michigan prefers not to use the federal government website to enroll in Obamacare during open enrollment or a Special Enrollment Period, they can also speak to a license health insurance agent or enroll through a web-based online broker.
Requirement by Law
Despite the politics surrounding healthcare reform over the past couple of years, Obamacare is still the law of the land and the individual mandate penalty will still be assigned to anyone who goes without qualifying coverage for the rest of 2018. For this year, the fee is the greater of 2.5 percent of your family's taxable income or a flat fee of $695 per adult and $347.50 per child under 18. Starting in 2019, the penalty will be abolished in accordance with the tax bill passed at the end of 2017.
Enrollment in Michigan
Michigan enrolled 293,940 people on the federal marketplace in 2018, which is down approximately 9 percent from the year prior. During the 2017 open enrollment period, 321,451 people signed up for health insurance using the exchange, compared to nearly 346,000 in 2016. The overall decrease in enrollment numbers in Michigan could be attributed to a number of factors including increased prices, decreased carrier and plan options, and the uncertainty over whether Republicans in Congress would be successful in repealing and replacing the law.
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.
Lower and middle-income families and individuals in Michigan will have access to tax credits and subsidies that will help bring down the out-of-pocket costs associated with their health insurance plan. Approximately 81 percent of exchange customers in Michigan qualified for premium subsidies in 2017. Open enrollment for 2019 runs from November 1, 2018 to December 15, 2018 this year. If a Michiganian loses their coverage outside of that period due to a qualifying life event, they can still enroll during the 60-day Special Enrollment Period that follows the date of that event and have access to the tax credits and subsidies.
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.