Health insurers want rate hikes in 2023 as temporary subsidies expire

Most health insurers in Michigan are looking at more rate increases next year for their individual and small group plans, and the planned end of temporary Obamacare subsidies could raise the pain level higher.

State regulators announced Tuesday that insurance companies are seeking an average increase of 5.8 percent for their 2023 small group policies — those for organizations with fewer than 51 employees.

For individual policies, such as those sold on the website, also known as Obamacare, insurers are looking for an average increase of 6.2 percent.

These proposed rate increases are slightly below what insurers were approved for last year for small groups – 7.1% – though higher than the 4.7% increase for individual policies.

Still, for many of those buying individual policies, the biggest change in 2023 will be the planned expiration later that year of more generous premiums and deductible subsidies.

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