MI Blue Cross deal OKs rate increases of up to 9.3%
The state and Blue Cross Blue Shield of Michigan announced a settlement Tuesday that would restrict how much the nonprofit insurer could raise rates on individuals under 65 who buy their own healthcare insurance. Blue Cross wanted to hike insurance rates for the 195,153 policy holders from 7.8% to as high as 15%. Under the agreement between Attorney General Bill Schuette, the state Office of Financial and Insurance Regulation and Blue Cross, the increases will range from 7% for about 62,000 policy holders to 9.3% for the other 133,000 policyholders.
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