BOSTON – The state’s top insurance regulator has endorsed several proposed rate hikes among small-business insurers who together are seeking a 7 percent increase in premium pricing to offset high drug costs and other issues involving the Affordable Care Act, according to the Boston Business Journal.
The report said that the second-quarter rate requests range from Tufts Health Public Plans’ 0.4 percent to Harvard Pilgrim Health Care Insurance Co.’s 32.3 percent. The rates apply to small-business groups.
New rates will take effect on April 1.
The BBJ said the increases come a week after four insurers filed financials showing operating losses in fiscal 2015, including Harvard Pilgrim Health Care, which reported a $78.8 million operating loss. High drug costs were one of the factors blamed for the losses.
Home Economy Government Boston Business Journal: Mass. small-business insurers get approval for rate increases
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