spot_imgspot_img

Vermont regulators pare back health insurance hikes

(The Center Square) — Vermont regulators have trimmed down rate increases proposed by two insurance companies that offer health care plans through the state’s marketplace.

In a pair of rulings released this week, the Green Mountain Care Board significantly cut back rates requested by Blue Cross Blue Shield and MVP Health for their individual and small group plans provided through the state’s health care exchange.

Under the rulings, Blue Cross Blue Shield individual plan premiums are authorized to rise by 14% and the small group plans by 13.3%, according to the board. Meanwhile, the board will; allow MVP Health plans to increase the cost of its health plans by 11.4% for individuals and 11.5% for small groups, the board said.

The changes will impact more than 68,000 Vermonters who get health coverage through the exchange, or about 11% of the state’s population.

Despite the move, Vermonters who purchase health plans through the state’s marketplace will still be paying some of the highest rates in years. The board still allows health plans for individuals and small groups to increase an average of at least 11.4% — possibly by as much as 14% — depending on which insurer and kind of health plan.

The board said the decision means the average premium for an individual plan with Blue Cross Blue Shield would go up by $105 a month next year and around $90 per month for MVP Health’s individual plans. The increases would range from $78 to $89 monthly for single-group plans.

“While we were able to reduce these rate requests, we know that Vermonters will still struggle to pay for their health care,” Board chairman Owen Foster said in a statement.

Last year, the board approved rate increases for both insurers for the current year, which averaged 11% to 13% higher for individual plans. Blue Cross Blue Shield’s small group plans decreased by 7% this year, while MVP’s small group rates increased by 1%, according to the board.

In its reports on the proposed rate increases, the board concluded that both companies have “failed to satisfy its burden of justifying the requested rates because insufficient evidence demonstrates the rates are affordable and promote access and quality.

“Negotiated rate increases that award more money to an entity simply because it is regulated by the Board — as opposed to whether an entity provides affordable services, has high quality, and is accessible — are highly unlikely to result in affordable rates that promote access and quality,” the board wrote.

Still, board members added that rejecting the proposed rate increases outright “could negatively impact solvency and/or access,” even though it may be warranted.

The board also urged the two insurance companies to consider “affordability, quality and access” when negotiating rates on behalf of their members.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_imgspot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Survey: Small business owners optimistic heading into holiday shopping season

(The Center Square) – Although a new survey reveals...

Delaware-based group spends thousands on candidates across Illinois

(The Center Square) – Several Illinois races are being...

Voters have high number of transit measures in 2024

Voters will decide on $59.2 billion in dedicated, multi-year...

Former Seattle Police Chief Adrian Diaz placed on administrative leave

(The Center Square) – Former Seattle Police Chief Adrian...

California goods inflation down, wages up, fueling possible housing bubble

(The Center Square) - According to new reports from...

Census: Arizona remains a top destination for moving Americans

(The Center Square)— New estimates from the U.S. Census...

Ohio school district adopts controversial ‘Grading for Equity’ policies

A school district outside Cleveland, Ohio, will have staff...

More like this
Related

Survey: Small business owners optimistic heading into holiday shopping season

(The Center Square) – Although a new survey reveals...

Delaware-based group spends thousands on candidates across Illinois

(The Center Square) – Several Illinois races are being...

Voters have high number of transit measures in 2024

Voters will decide on $59.2 billion in dedicated, multi-year...

Former Seattle Police Chief Adrian Diaz placed on administrative leave

(The Center Square) – Former Seattle Police Chief Adrian...