MONEY

Quick facts on Michigan's Obamacare rate hikes

JC Reindl
Detroit Free Press

Many health insurers in Michigan are seeking double-digit rate hikes next year for their individual policies sold on the Affordable Care Act exchanges.

Obamacare newspaper headline on cash

The average rate increase would be 17.3% if state regulators approve the requests without changes.

The new rates would boost the sticker price of the average "silver" plan to $477 a month for a 50-year-old male and nonsmoker.

More than  80% of people with the plans  in Michigan receive tax credits that lower their premium.

Last year, the average monthly premium for people getting the tax credits was $106.

Insurance companies say they need big rate increases because of the rising costs of health care, unexpectedly high costs among the newly insured and the end of a "reinsurance" cost-sharing program.

A sampling of the 2017 proposed rate increases:

Blue Care Network of Michigan is seeking an average 14.8% rate increase for its plans.

Blue Cross Blue Shield wants an 18.7% increase.

Priority Health has asked for a 13.9% rate hike.

The biggest rate request is from Humana — a 39.2% rise.