MONTPELIER, Vt. (AP) – Vermont’s largest health insurance provider is asking state regulators for permission to raise its rates by 12.7 percent.
Blue Cross and Blue Shield of Vermont says about half of the increase is due to a federal tax mandated by the Affordable Care Act that was not in place last year, the shift of costs from Medicare and Medicaid and because Vermonters are getting older.
The approximate other half of the increase is due to increases in health care utilization and pharmacy costs.
Blue Cross and Blue Shield’s Don George says the rate increase request filed with the Green Mountain Care Board “is not welcome news.” He says health care providers are working to control costs, but other factors are at work.
The company provides health insurance to about 240,000 Vermonters.