Mich. insurers search premium hikes as demand for weight-loss medicine soar

Well being insurers in Michigan need to elevate premiums once more subsequent 12 months, with hovering demand for costly diabetes and weight-loss medicine similar to Ozempic and Wegovy contributing to what they contemplate obligatory charge hikes.

A report from the Michigan Division of Insurance coverage and Monetary Companies, which opinions and approves insurers’ charges, exhibits that medical health insurance corporations are looking for will increase that will common 7.1% for his or her 2023 small group insurance policies — these for companies and organizations with fewer than 51 staff. There are at present 428,328 Michiganders enrolled in such plans.

Ozempic was originally approved by the FDA to treat people with Type 2 diabetes who risk serious health consequences without medication. In recent months, there has been a spike in demand for Ozempic, or semaglutide, due to its weight loss benefits, which has led to shortages. Some doctors prescribe Ozempic off-label to treat obesity.

For particular person insurance policies, similar to these bought on the Healthcare.gov web site, also called Obamacare, insurers are looking for a median 5.5% enhance. These plans at present cowl 372,999 Michiganders.

Final 12 months, state regulators authorised charge will increase that averaged 5.8% for small teams and 5.5% for particular person plans.

Insurance coverage big Blue Cross Blue Protect of Michigan cited “higher-than-average pharmacy price traits” as among the many causes it wants to lift charges.

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