The Green Mountain Care Board (GMCB) issued decisions requiring Blue Cross Blue Shield of Vermont (BCBSVT) and MVP Health Plan, Inc. (MVP) to modify the premiums they wanted to charge individuals and small businesses for health insurance plans in 2024.
In 2023, these plans covered just over 68,000 Vermonters.
The premium increases requested by BCBSVT and MVP were driven by a number of factors, including increases in hospital and prescription drug costs, according to the companies. During GMCB’s review of the requests, BCBSVT and MVP raised their proposed rates in response to new information.
In evaluating the requests, GMCB reviewed and considered a variety of data, including the opinions of its actuaries and the Dept. of Financial Regulation and data presented by the insurers and the Office of the Health Care Advocate. GMCB also received 147 written public comments and heard from Vermonters at a public comment forum on July 24.
“While we were able to reduce these rate requests, we know that Vermonters will still struggle to pay for their health care. The GMCB is currently reviewing hospital budgets, a key driver in health care cost increases. We will continue to use every tool we have to improve affordability and increase access to high quality health care for Vermonters,” said Owen Foster, GMCB chair.
The GMCB is a 5-member, independent board with a vision of a sustainable and equitable health care system that promotes better health outcomes for Vermonters. The GMCB was created in 2011 with an ambitious mission to drive system-wide improvements in access, affordability, and quality of health care to improve the health of Vermonters.
The requests from MVP and BCBSVT and the board’s ordered reductions are below:
* Per member per month (PMPM) is the dollar amount paid each month for a health plan.
These increases represent averages across different benefit plans with varying levels of cost sharing. For small groups, the approved plan-level increases range from 12.4% to 14.4% for BCBSVT and 7.5% to 14.2% for MVP. For individual and family plans, the approved plan-level increases range from 12.0% to 19.6% for BCBSVT and 5.9% to 15.3% for MVP.
Vermonters enrolling in individual and family health insurance plans might be eligible for one or more subsidies. For more information, visit HealthConnect.vermont.gov.
