Bill Text: MI SB0358 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Insurance: health insurers; providing coverage equivalent to a certain percentage of the full actuarial value of benefits under a health insurance policy; require. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 3406ee.
Spectrum: Partisan Bill (Democrat 11-0)
Status: (Passed) 2023-10-24 - Assigned Pa 0163'23 [SB0358 Detail]
Download: Michigan-2023-SB0358-Introduced.html
SENATE BILL NO. 358
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
(MCL 500.100 to 500.8302) by adding section 3406z.
the people of the state of michigan enact:
Sec. 3406z. (1) An insurer that delivers, issues for delivery, or renews in this state a health insurance policy shall offer health insurance policies that provide at least 1 of the following levels of coverage:
(a) Coverage designed to provide benefits actuarially equivalent to 60% of the full actuarial value of the benefits provided under the policy.
(b) Coverage designed to provide benefits actuarially equivalent to 70% of the full actuarial value of the benefits provided under the policy.
(c) Coverage designed to provide benefits actuarially equivalent to 80% of the full actuarial value of the benefits provided under the policy.
(d) Coverage designed to provide benefits actuarially equivalent to 90% of the full actuarial value of the benefits provided under the policy.
(2) An insurer described in subsection (1) that offers a health insurance policy in any level of coverage described in subsection (1) shall also offer coverage in that level as child-only coverage.
