Vermont Business Magazine Rates for Blue Cross Blue Shield of Vermont will be going up 7.3 percent next year and rates for MVP will be going up 3.7 percent. The Green Mountain Care Board (GMCB) Tuesday announced its decisions on 2017 rate increase requests for health insurance plans offered on Vermont Health Connect (VHC), Vermont’s online health benefit exchange. The rates were filed by insurers on May 11, 2016 and were subject to a 90 – day technical analysis and review by the GMCB. The review process included two days of rate hearings open to the public and public comment from almost 150 Vermonters.
BCBSVT, which insures more than 77,500 Vermonters through VHC, requested an 8.2 percent average annual rate increase, later amended to an 8.6 percent, for its health plans offered on VHC with coverage beginning January 1, 2017.
MVP Health Plan Inc, which insures approximately 6,600 Vermont lives through VHC, requested an 8.8 percent average annual rate increase for plans offered on VHC beginning on January 1, 2017.
Based on the review of the record, and the testimony and evidence provided at the hearings, the GMCB reduced each proposed rate increase, approving a 7.3 percent average annual rate increase for BCBSVT plans and a 3.7 percent average annual rate increase for MVP.
Because these rate increases represent averages across different benefit plans with varying levels of cost sharing, Vermonters enrolled in VHC may see higher or lower increases in their premiums than the rates approved today. In addition, the GMCB encourages Vermonters to find out if they are eligible for subsidies that will offset the cost of their premiums.
For more information about how the GMCB reviews health insurance rates and to read the BCBSVT and MVP Vermont Health Connect rate decisions, see the rate review website:http://ratereview.vermont.gov/.
Source: GMBC 8.9.2016