Earlier this week the Green Mountain Care Board announced that Blue Cross Blue Shield (BCBSVT) and MVP Health Care (MVP) filed proposed premium hikes of 8.4% and 3% respectively for 2016 Vermont Health Connect Plans.
The proposed rate increases will now be reviewed by the Green Mountain Care Board in a process known as “rate review”. During the rate review process the Board examines a number of important factors including the affordability of the new proposed insurance rates, and the effects that the rates will have on insurer solvency. After a thorough review and public hearings the Board decides if it will approve, deny or modify the requests.
With the filing of proposed rates the Board will begin its 90 day review process, and will accept comments from the public until July, 29th, 2015. The Board will hold hearings on the proposed increases July 28th (MVP) and July 29th (BCBSVT), and a final decision on the proposed increases will be announced before August 13th.
Last year VPIRG members submitted over 200 comments to the Board calling for more affordable health insurance. The Board eventually cut proposed rates from 9.8% (BCBSVT) and 15.2% (MVP) to 7.7% and 10.9% respectively. These changes saved Vermonters millions of dollars off of their 2015 premiums.