Thousands of Vermonters could be hit with increased insurance premium rates next year following a ruling from the Green Mountain Care Board.The board approved double-digit premium rate increases for Vermonters and small businesses using Blue Cross Blue Shield of Vermont and MVP Health Plan in 2023. Blue Cross Blue Shield of Vermont premiums will increase by 11.4% for individuals and families, while small group premiums will increase by 11.7%.MVP Health Plan premiums will increase by 19.3% for individuals and families, while small group premiums will increase by 18.3%.The decision is expected to affect about 72,000 Vermonters who are currently insured under the two carriers.The Green Mountain Care Board said the insurance companies had initially requested higher rate increases than the ones that were approved.The board cited the rising costs for specialty pharmaceuticals and the higher costs paid to health care providers because of inflation as reasons for the large premium rate increases.
Thousands of Vermonters could be hit with increased insurance premium rates next year following a ruling from the Green Mountain Care Board.
The board approved double-digit premium rate increases for Vermonters and small businesses using Blue Cross Blue Shield of Vermont and MVP Health Plan in 2023.
Blue Cross Blue Shield of Vermont premiums will increase by 11.4% for individuals and families, while small group premiums will increase by 11.7%.
MVP Health Plan premiums will increase by 19.3% for individuals and families, while small group premiums will increase by 18.3%.
The decision is expected to affect about 72,000 Vermonters who are currently insured under the two carriers.
The Green Mountain Care Board said the insurance companies had initially requested higher rate increases than the ones that were approved.
The board cited the rising costs for specialty pharmaceuticals and the higher costs paid to health care providers because of inflation as reasons for the large premium rate increases.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.