The sticker price for individual health plans sold on Michigan's Affordable Care Act exchange will jump 16.7% next year under new rates announced Monday by state officials.
The rates will be in effect Nov. 1, when open enrollment starts again on Healthcare.gov.
The double-digit increases will mean a financial hit for taxpayers in general, as well as some of the 393,322 Michiganders who currently buy individual health insurance on or off the government-run exchange.
Requested versus approved rate increases for individual health plans in Michigan
Most people in Michigan who buy through the exchange do not pay full sticker price because they qualify for the Affordable Care Act's tax credit subsidies, which increase as the premiums increase. That means taxpayers will ultimately foot the bill for the...