The price of health insurance through the Affordable Care Act health exchange is about to spike in Michigan.
The Detroit Free Press reports that some insurance plans could see a jump by nearly 27 percent.
New rates for health insurance were announced Wednesday by the state.
According to the newspaper, the spike is due to several reasons including people who stop paying their premiums after they get healthcare, and younger people staying on their parents plans or opting to not buy insurance at all and instead pay the penalty fee, leaving older people with higher insurance costs. The Freep also sites a new change from the Trump administration to stop a subsidy called cost-sharing reduction payments.
That subsidy reimbursed insurance companies for offering low deductibles and co-payments to low-income families.
The new rates will reportedly begin November 1 when annual open enrollment begins.
