The National Federation of Independent Business (NFIB) has released findings of a study examining the impact of Michigan’s health insurance tax via the Affordable Care Act (ACA).
NFIB officials said the Health Insurance Tax (HIT), part of the ACA signed into law in 2010, could increase premiums by as much as $44 million in the individual market and $52 million in the small group market in Michigan in 2018.
The NFIB cited a recent Oliver Wyman Actuarial Consulting analysis indicating the projected impact of the HIT on health insurer premiums in Michigan could result in an average increase of $159 per person in the individual market and up to $519 per family in the small group market in 2018. If the ACA is not repealed, or the tax ended, NFIB said, premium increases in Michigan will range from $2,284 per person in the individual market to $6,413 per family in the small group market over the next 10 years.
NFIB officials said an effort is underway to advocate for passage of Senate legislation preventing HIT from taking effect in 2018 while continuing means to end the tax on small businesses struggling with out of control health insurance costs.
NFIB serves as the nation’s leading small business association, promoting and protecting the rights of members to own, operate and grow their businesses.