Vt. insurance companies seek double-digit rate increases
WCAX
Vermont’s leading health insurance carriers are asking state regulators for double-digit rate increases.
Call it health care déjà vu. In new filings to the Green Mountain Care Board, Blue Cross Blue Shield of Vermont and MVP Healthcare say they will need to raise rates next year.
“This year is a confluence of factors contributing to these high costs and its difficult for consumers,” conceded BCBS’ Sara Teachout.
BCBS wants to raise rates 16.1% for individual plans and 19.1% for small group plans serving businesses with fewer than 100 employees. MVP is requesting an 11.7% increase for individual plans and 9.3% increase for small group plans. BCBS officials say a big driver of the costs is increased utilization of health care services at hospitals and an aging demographic with more people using expensive care. They say spiking pharmaceutical drug prices are a big factor.