Blue Cross and Blue Shield of Vermont has asked Vermont regulators to approve a 12.7 percent rate increase for insurance coverage starting in 2018, and MVP is requesting a 6.7 percent increase in rates.
The rates would apply to coverage beginning Jan. 1, 2018 for plans sold on Vermont Health Connect.
Both companies’ requested rate increases are smaller than the national average, according to a news release from the Green Mountain Care Board which regulates health care costs in Vermont.
“Across the country, preliminary rate filings show a 20 percent average annual increase for 2018, with rate increases in some states exceeding 30 percent,” the release said.
The Green Mountain Care Board has scheduled hearings on each insurer’s requested rate hikes. The MVP hearing is July 19, and the Blue Cross and Blue Shield of Vermont hearing is July 20. Both are set to begin at 9 a.m. at the Green Mountain Care Board’s second-floor hearing room inside City Center at 89 Main Street in Montpelier.
Information about the board’s review can be found at the Green Mountain Care Board’s rate review website.