MONTPELIER, Vt. (AP) – Vermont’s health care regulator has approved double-digit rate increases for health insurance plans offered through Vermont Health Connect, the state’s health insurance marketplace.
The Green Mountain Care Board announced Thursday it was approving an average increase of 12.4% for Blue Cross Blue Shield of Vermont. The approved rate increase for MVP Healthcare is 10.1%.
Blue Cross Blue Shield had requested an increase of between 14.3% and 14.5%. MVP had requested an increase of 10.9%.
Green Mountain Care Board Chairman Kevin Mullin says the board was frustrated by what he call “unaffordable rate increases,” but the board is obligated to consider the financial condition of the insurer when setting rates.
Both insurers cited growing pharmaceutical costs and use of medical services as among the major drivers behind the requested rate increases.