GMCB approves health insurance rate hikes of 11.7% for Blue Cross and 18.3% for MVP

Vermont Business Magazine The Green Mountain Care Board (GMCB) issued rulings Thursday requiring Blue Cross Blue Shield of Vermont (BCBSVT) and MVP Health Plan, Inc. to reduce the amount they wanted to charge individuals and small businesses for health insurance plans in 2023. BCBSVT requested permission for an increase of 15.4% and obtained 11.7% in the policy of small groups (trade); MVP asked to increase 23.4% and got 18.3%. The increase in individual prices was similar (see below). Although reduced, these prices are still very valid as of August 2019.

About 72,000 Vermonters are enrolled in these plans as of March 2022.

The significant increase provided by the MVP and BCBSVT this year was driven by several factors, including the high cost of specialty drugs and the large amount of money paid to health care providers to provide services, which is driven by inflation and the labor problems faced by many. economic sectors.

After a thorough review, the Board, acting in accordance with its authority, and coordinating a number of approved measures, reduced the prices of BCBSVT and MVP provided by the amounts shown in the following documents:

Small Group – Average Annual Increase Over 2022 Prices

Insurance agent

Rate Request (PMPM)**

Organization Approved (PMPM)**

BCBSVT images

15.4% ($94 PMPM)

11.7%* ($71 PMPM)

MVP

23.4% ($135 PMPM)

18.3%* ($106 PMPM)

Individual & Family – Average Annual Increase Over 2022 Rates

Insurance agent

Rate Request (PMPM)**

Organization Approved (PMPM)**

BCBSVT images

14.9% ($104 PMPM)

11.4%* ($79 PMPM)

MVP

24.4% ($164 PMPM)

19.3%* ($130 PMPM)

* These price increases represent averages for different benefit plans with different cost-sharing levels. For the subgroup, the percentage of approved plans ranged from 9.1% to 15.3% for BCBSVT and 10.5% to 21.5% for MVP. For individual and family plans, the percentage of approved plans ranged from 8.8% to 15.3% for BCBSVT and 11.3% to 26.3% for MVP.

**Member per month (PMPM) is the amount that a member pays each month for a health plan.

Health Benefits and Additional Benefits

  • About 5,500 Vermonters were able to save money in 2022 on their monthly premiums by enrolling through Vermont Health Connect (VHC). To find out if you qualify for help, use the application VHC Plan Comparison Tool.
  • Vermonters can use the Plan Comparison Tool starting October 14, 2022, to compare plans for 2023. Open enrollment for 2023 plans will begin on November 1, 2022.
  • As of August 4, 2022, it is unclear whether Congress will renew the 2023 additional tax dollars that were first made available through the American Rescue Plan Act (ARPA). More information is available Here about ARPA and how it affects you and your eligibility for premium services.
  • For questions about your health insurance or access to health care, please contact the Vermont Legal Aid Office of the Health Care Advocate at 1-800-917-7787.

Last year’s documents reviewed by the Board were concerned with the “exclusion” of the individual and small group health insurance markets in 2022, which was done to improve access to the standard coverage available to people under ARPA. The unification of the markets had the effect of reducing the wages of small groups (BCBSVT -6.2%; MVP 0.8%) and increasing the wages of each person (BCBSVT 4.7%; MVP 12.7%) compared to what they would have been, and helped to eliminate the increase in wages on private market.

8.4.2022. Montpelier, VT – Green Mountain Care Foundation