Blue Cross Lowering Insurance Rates for Michigan’s Small Businesses
Michigan’s small employers – businesses that employ 50 or fewer people – provide a significant amount of health insurance coverage for people living in our state. Blue Cross Blue Shield of Michigan alone covers more than 261,000 Michiganders with health insurance provided by small employers.
With all of the pressures on a small employer’s budget, it’s always good news when their insurance company can hold premiums steady year-over-year. It’s even better news when we can lower them.
So, it’s great news that small group customers of Blue Cross Blue Shield of Michigan will benefit from a downward adjustment in our rates that Blue Cross has filed with state regulators. Rates for small group customers renewing coverage in the third and fourth quarters of 2017 will be, on average, 1.3 percent lower for BCBSM customers, and 3.2 percent lower for customers of our HMO, Blue Care Network. These reductions are pending state regulatory approval.
Our ability to reduce insurance rates is a direct result of our success in working with doctors and hospitals statewide to deliver more cost-efficient health care. These efforts – known as Value Partnerships – have created a more efficient health care system in Michigan over 10 years. As anyone who has purchased a more fuel-efficient car can tell you, you’ll pay less for gas over the long term for owning that car. That’s what’s happening with health care now.
Offering our customers reliable products at affordable price points is a priority for Blue Cross. We’re very pleased that this year’s good news comes fast on the heels of last year’s rate moderation and the rate reductions we announced the year before.
Small businesses are very important to the stability of health coverage for Michigan residents. We at Blue Cross are very pleased that our efforts to keep costs in check are paying off for small employers in cities and towns across our state.
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