14 Michigan health insurers apply to sell policies on federal health insurance exchange

Fourteen health insurers in Michigan submitted applications to participate in the federal health insurance exchange that will offer individual and small group policies beginning Oct. 1.

Individuals and small businesses won't know what the premiums are for the policies until Oct. 1, when open enrollment begins for the exchange, said Kevin Clinton, director of the Michigan Department of Insurance and Financial Services. Coverage will be effective Jan. 1.

"I am pleased with the number of companies that submitted qualified health plans in Michigan," Clinton said in a statement. "The large amount of participation will foster competition and provide many choices for Michigan families and businesses."

Clinton said DIFS is reviewing all the plans to make sure they comply with state insurance regulations and the Patient Protection and Affordable Care Act before submitting the plans to the federal government for review by July 31.

For example, plans must meet federal essential benefit standards, which include preventive care, mental health care and hospitalization coverage.

Ten insurers submitted plans for the individual market and small group, three will offer just individual policies and one insurer filed only for the small group market.

Michigan will offer two exchanges in which customers can choose between four tiers of plans—one for individuals and one for businesses of 50 or fewer employees.

Insurers that filed plans for the individual and small group market:

Insurers offering only individual coverage:

Insurers offering only small group policies:

For more information on the federal exchange, visit www.healthcare.gov. Michigan residents with health insurance questions can visit www.michigan.gov/hicap.

"14 Michigan health insurers apply to sell policies on federal health insurance exchange" originally appeared in Crain's Detroit Business.