Blue Cross requests 7.5% rate hike, MVP 10.9%

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Blue Cross requests 7.5% rate hike, MVP 10.9%

Fri, 05/11/2018 - 4:50pm -- tim

Vermont Business Magazine Today, the Green Mountain Care Board (GMCB) received and began its review of the proposed 2019 health insurance rates for plans offered to individuals, families and small businesses through Vermont Health Connect. Blue Cross Blue Shield of Vermont (BCBSVT) is requesting an average annual rate increase of 7.5% over 2018 rates, while MVP Health Care (MVP) is requesting a 10.9% average annual rate increase.

This year, in response to federal action eliminating “cost sharing reduction” (CSR) payments that reduced the cost of health insurance for low income Vermonters, the insurers worked with stakeholders to help pass Act 88 - legislation that increases the availability of advance premium tax credits and which offsets any financial impact on Vermonters from the loss of the federal funding of the CSRs. Taking into consideration the availability of the additional credits, BCBSVT’s proposed average annual rate increase is 5.3%, and MVP’s proposed average increase is 6.4%. The rate filings can be viewed at ratereview.vermont.gov/.

The Board will hold hearings on the proposed rates on July 23rd (BCBSVT) and 24th (MVP) beginning at 9:00 a.m. in Room 11 of the Vermont State House. At the hearings, the Board will take testimony from its contract actuaries, from the insurers, from the Office of the Health Care Advocate, and from the Department of Financial Regulation. The Board encourages the public to attend the hearings and will take public comment at the close of each day’s testimony. Additionally, the Board has scheduled a special public comment session in Room 11 of the State House on July 25th starting at 5:00 p.m., and is accepting public comment on an ongoing basis beginning today and running through July 25th.  Comments may be submitted electronically through the rate review website, by email to gmcb.board@vermont.gov, by US Mail to the GMCB at 144 State Street, Montpelier, Vermont 05602, or by phone at (802) 828-2177.

The Board will issue decisions on the proposed rates on August 9, 2018.

Source: GMCB 5.11.2018