Apollo Insurance Group is dedicated to delivering peace of mind through health insurance that is tailored to our clients’ needs. Rest easy knowing your medical challenges are simplified by our industry experts and knowledgeable advisors. Read on to learn more about health care in Michigan.
Quick Facts about Health Insurance in Michigan
Michigan operates on a state-federal partnership exchange.
Open Enrollment for On-Exchange plans will be from November 1, 2022 – December 15, 2022.
Off-Exchange plans can be purchased at any time.
Apollo Insurance Group can help broker plans from 11 different carriers.
How Health Insurance in Michigan Works
Affordable Care Act (ACA) / Obamacare health insurance in Michigan is a federal/state partnership. The state of Michigan oversees and regulates the plans sold to its residents, but plans are purchased on healthcare.gov. On-exchange plans are eligible for subsidies and cannot deny coverage due to preexisting conditions.
Off-Exchange plans include any plans that are not sold in the ACA marketplace. They are not eligible for subsidies and can deny coverage because of preexisting conditions. Due to these reasons, they tend to have lower premiums than Obamacare plans. With some exceptions, they can be purchased at any time of the year.
When to sign up for Michigan Health Insurance
Timing to sign up for health insurance in Michigan depends on the type of insurance that a person is signing up for. If they are signing up for an ACA plan, then they have to sign up during the Open Enrollment period. Open Enrollment is the time of the year that people can freely change their health insurance plans without any qualifiers. For 2023, OE will run from November 1, 2022 – December 15, 2022.
Outside of Open Enrollment, a person cannot change their ACA insurance plan without a Qualifying Life Event. Qualifying Life Events are a set of life changing circumstances that are considered drastic enough to allow a change in insurance. Click here for a full list of qualifying life events.
Off-Exchange plans can be purchased at any time. There are, of course, some exceptions. However, more Off-Exchange plans have year-round enrollment.
How to Sign Up for Health Insurance in Michigan
To start enrolling in a health insurance plan for Michigan, simply fill out our quote form. We will help you start the process and find the right plan for you.
We have extensive experience helping Michiganders find health insurance, so call us today!
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Health Insurance in Michigan – What You Need to Know
Health insurance in Michigan can be expensive. Fortunately, the American Rescue Plan has drastically reduced the cost of marketplace coverage. Residents in Grand Rapids and Lansing can now qualify for subsidized health insurance coverage. This coverage is available to anyone with a qualifying life event. Premiums are determined by your age, sex, ZIP code, and tobacco use.
Silver plans are more coverage with lower deductibles
Silver plans offer more coverage and lower deductibles in Michigan than Bronze plans do. They also tend to have lower premiums. The benefit of a lower deductible and copayment is that they reduce out-of-pocket expenses. Adding a child to a Silver plan costs $289 per month, while adding a spouse would cost $165 more per month.
Silver plans also offer cost-sharing reductions. Silver plans generally cover 70 percent of an average enrollee’s medical bills. The cost-sharing subsidy increases the value of the plan. The subsidy is based on the income level of the enrollee.
Silver plans cost slightly more than bronze plans, but they provide more coverage with lower deductibles. If you earn more than $24,000 per year, you shouldn’t purchase a silver plan. If your income is above this level, you should consider a gold plan. It will have lower premiums than a bronze plan. Additionally, you may qualify for government subsidies.
Silver plans typically cover more than 70 percent of costs, compared to the 70 percent that bronze plans do. The average Silver plan reduces the maximum out-of-pocket maximum to two thousand dollars per year by 2022. However, this is not true for all plans. Depending on your income level, you may qualify for a lower-cost silver plan.
If you qualify for cost-sharing reductions, consider a Silver plan. The lower premiums and deductibles in the Silver tier will cover more of your medical expenses after you reach the spending limits. These plans may be more expensive, but they are still cheaper than Bronze plans. If you have a low income, consider enrolling in a Medicaid or Medicare health plan. These programs are designed to assist low-income residents who have difficulty affording premiums for silver plans.
While it is important to choose a plan that provides lower premiums, deductibles, and coinsurance, it’s also important to consider which plan will be the best for your specific needs. If you plan on using a lot of care, a Gold plan may be the best option. Remember that high premiums can add up over time.
Bronze plans have the lowest monthly premiums
Bronze plans have the lowest monthly premiums, but the out-of-pocket costs are higher. Bronze plans offer coverage for preventive care, pediatric services, dental care, vision care, medical services, and chronic disease management. Additionally, bronze plans may include additional coverage. Currently, these plans must include 10 essential health benefits, but health insurance companies may include other coverage, such as mental health and acupuncture. Consumers can check specific benefits by reviewing the Summary of Benefits.
Silver plans provide a good middle-ground between low monthly premiums and low out-of-pocket costs. They also qualify for cost-sharing reduction subsidies for lower-income families, making health coverage affordable for many people. Bronze plans have the lowest monthly premiums of all plans and are best for young, healthy people with low medical expenses. If you need major medical coverage, a catastrophic plan may be a better choice.
Bronze plans offer lower monthly premiums than Catastrophic plans. However, they have a high deductible and a high co-payment for medical care. This type of coverage is good for people who don’t visit the doctor often. In Michigan, the lowest-priced Bronze plan costs just $251.
The premiums for Marketplace plans vary, but they are among the lowest in the country. The benchmark premium in Michigan for 2021 is $347 per month. In comparison, the national average is $452 a month. The benchmark premium for a silver plan in Michigan is $452. Premium tax credits are available to help lower the monthly payment.
Silver plans have higher monthly premiums than bronze plans, but the out-of-pocket costs are much lower. Silver plans are better for people who want more coverage and are able to qualify for subsidies. However, they are more expensive monthly than Bronze plans. Gold plans are better for those who need major medical coverage.
Catastrophic plans have the lowest monthly premiums
If you’re single and don’t have employer-sponsored health insurance, you may want to consider enrolling in a catastrophic plan. The monthly premiums for these plans must be less than 8 percent of your income. You also have to be under 30 and meet certain eligibility requirements, such as a hardship exemption, in order to get this type of health insurance.
If you’re young and healthy and don’t smoke or drink alcohol, a catastrophic plan can be a great option for you. This type of plan covers three general doctor visits a year and preventive measures. It also covers screenings for certain health conditions, but the deductible is higher than other plans. If you’re prone to major illnesses, this plan might not be the best option for you. The high deductible also means that you’ll have to pay for most of the treatment.
If you don’t want to spend a lot of money on a plan, you can consider getting a Bronze plan instead. These plans have lower monthly premiums than Catastrophic plans, but they still have high out-of-pocket costs. They’re a good choice for people who don’t see a doctor often. There’s also an Expanded Bronze plan, which provides slightly more coverage than Bronze and has lower out-of-pocket costs.
If you’re young and healthy but don’t have employer-sponsored health insurance, you may want to consider catastrophic plans. They’re the cheapest plans in Michigan, but they’re not the best choice for everyone. For those under 30 or who don’t qualify for subsidies, you might be able to find catastrophic plans in the health insurance exchanges, but they’re not available in all areas. The enrollment process for these plans isn’t always seamless.
If you don’t qualify for a subsidy, catastrophic plans aren’t the best choice for you. Most catastrophic plans don’t offer premium subsidies, so you’ll have to do the work yourself. You might qualify for a cost-sharing subsidy if you’re low-income. Otherwise, you might want to consider getting a metal-rated plan instead.
Short-term health insurance premiums vary based on your age, sex, ZIP code and tobacco use
While short-term health insurance premiums are usually based on your ZIP code and age, you should note that tobacco use has a significant impact on your rates. If you smoke, you will pay more. However, there are ways to reduce the tobacco-related portion of your premiums.
Short-term health insurance premiums are often less than unsubsidized ACA premiums, so if you don’t qualify for subsidies, this coverage is affordable. In addition, short-term health insurance plans can start the next day and have no special enrollment requirements. They are ideal for people between employer-sponsored health plans or who have a benefit waiting period. They can also be used by people who have lost their coverage.
When shopping for a health insurance policy, always keep in mind your healthcare needs and budget. You may find it helpful to use Consumer Reports’ buyer’s guide to help you select the right insurance plan. In addition to looking for a health plan that fits your needs, make sure you check the policy’s eligibility criteria.