Priority Health announces individual insurance market rate decrease for 2019
(Grand Rapids, Mich. - June 20, 2018) Priority Health announced today that the company has submitted a variety of product options on the Affordable Care Act marketplace for approval by state regulators that offer an average 2.5 percent decrease in pricing. Priority Health will also continue to offer five narrow network options which have historically offered 10 to 20 percent lower rates than broad network plans.
By posting a decrease in rates, Priority Health is defying national trends. The Congressional Budget Office (CBO) projected that premiums for the most popular silver plans on the ACA exchanges would jump an average of 34 percent for 2019.
"Priority Health remains committed to serving the unique needs of the individual market by improving their overall health, ensuring they maintain coverage, and in turn, keeping health care costs as affordable as possible," said Tami Hibbitts, vice president, individual markets. "By aligning the appropriate care and offering high quality narrow network plans we are able to provide consumers with high quality options that feature a decrease in pricing for 2019."
Priority Health continues to work to lower the cost of health care through the use of evidence-based care and market-leading analytics that help the company better understand how consumers are using health care. This approach allows the company to create solutions to control unnecessary costs. Priority Health also works closely with members to ensure they receive the right care, at the right time, in the right place to also help manage health care costs.
"Priority Health aims to be the best stewards possible for our members and the companies in our community that depend on us to provide the highest quality coverage at the lowest price," said Hibbitts. "We spend 90 cents of every dollar on our members' health care and work to keep administrative costs among the lowest in the state at 9.9 percent while other Michigan plans average 12 percent."
The individual plans that Priority Health will offer deliver affordable access to the services people use most allowing members to pay less for routine care and still have peace of mind knowing they're protected if something catastrophic happens. The company is bringing back simplified product options this year including one plan in the gold, silver and bronze metal levels. The company will offer a total of 12 options on the marketplace, and two options off the marketplace. Narrow network options will be available both on and off the marketplace.
Priority Health offers narrow network plans as part of its commitment to providing individual market consumers options to help control their health care costs. Priority Health offers plans in partnership with Spectrum Health in Kent County, Bronson Healthcare in Kalamazoo County, and three health systems in southeast Michigan including Beaumont Health, St. John's Providence Health System, and Saint Joseph Mercy Health System. Members who enroll in a narrow network plan will get the benefit of coordinated care within one health system, along with services like free health coaching, free virtual visits, care management for those that are most at-risk for chronic health conditions and access to tools like the Priority Health Cost Estimator.