By Morgan True, VTDigger.org
The two insurers participating in the Vermont Health Connect insurance exchange are seeking rate increases from state regulators for next year’s plans.
Blue Cross Blue Shield of Vermont is seeking an 8.4 percent increase and MVP Health Care is seeking a 3 percent increase over their 2015 rates, according to filings with the Green Mountain Care Board.
The increases are needed to cover rising medical and prescription drug costs as well as new state and federal requirements for exchange health plans including lower cap on out-of-pocket costs.
Two public hearings are scheduled for July 28 (MVP) and July 29 (Blue Cross) at the Statehouse in Montpelier. Written comment can be submitted through July 29.
The board has 90 days to review the filings and approve, adjust or reject the requests. Last year board members reduced rates below those requested by each company before approving them.