LANSING, Mich. (Michigan News Source) — More than 200,000 Michigan residents will need new health insurance next year, after three major carriers announced they are largely pulling out of the individual Affordable Care Act (ACA) marketplace.

Health Alliance Plan, Molina Healthcare, and Meridian Health Plan are exiting most ACA offerings, citing unsustainable costs as federal premium subsidies expire at the end of the year. Their departure leaves Blue Cross Blue Shield of Michigan and a handful of smaller insurers to absorb displaced enrollees.

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State regulators on October 31 also approved double-digit rate hikes across remaining plans, including increases of roughly 24% for Blue Cross Blue Shield enrollees and as high as 25.8% for UnitedHealthcare members.

“We understand the impact that rate increases like this will have on people,” Rick Notter, vice president for individual business at Blue Cross Blue Shield of Michigan, said. He said the company expects to take on up to 160,000 new enrollees as other carriers withdraw.

Open enrollment is now underway, and while displaced enrollees have been automatically reassigned to new plans, they still have time to shop around before their coverage kicks in.