Michigan Compiled Laws § 500.3474a Premium Rate After January 1, 2014; Basis; Factors.

500.3474a Premium rate after January 1, 2014; basis; factors.

Sec. 3474a.

The premium rate charged by an insurer, health maintenance organization, or nonprofit health care corporation for health insurance coverage offered through a policy or certificate delivered, issued for delivery, or renewed in this state on or after January 1, 2014 in the individual or small group market shall vary based on the following factors only:

(a) Whether the policy or certificate covers an individual or family.

(b) The rating area.

(c) Age, except that the premium rate shall not vary by more than 3 to 1 for adults for all plans other than child-only plans.

(d) Tobacco use, except that the premium rate shall not vary by more than 1.5 to 1.

History: Add. 2013, Act 5, Imd. Eff. Mar. 18, 2013
Popular Name: Act 218

Section: Previous  500.3452  500.3454  500.3460  500.3462  500.3464  500.3466  500.3468  500.3470  500.3472  500.3474  500.3474a  500.3475  500.3476  500.3480    Next

Last modified: October 10, 2016