PROVIDENCE – Proposed health insurance rates for Rhode Island businesses with more than 50 employees include a double-digit increase from health insurers.
Blue Cross and Blue Shield of Rhode Island has requested an average rate increase of 17.1 percent for the 425 policy holders representing about 115,000 covered lives, an increase of $98 million in premiums, according to analysis by the R.I. Office of the Health Insurance Commissioner.
UnitedHealthcare has requested an average rate increase of 13 percent for two separate new products, one offered by United Healthcare of New England (Rhode Island), for 501 policy holders, representing an increase of $1.04 million in premiums, and a second offered by UnitedHealthcare Insurance (national) for 11,677 policy holders, an increase of $16 million in premiums, according to analysis by the R.I. Office of the Health Insurance Commissioner.
Tufts Health Plan has asked for an average 10 percent increase for 46 policy holders representing 2,265 covering lives, an increase of $1.18 million in premiums, according to analysis by the R.I. Office of the Health Insurance Commissioner.
In terms of the actual rate components, Blue Cross is asking for total weighted medical expense increase of 6.9 percent, Tufts is asking for a total weighted medical expense increase of 6.2 percent, and UnitedHealthcare is asking for a total weighted medical expense increase of 9.7 percent.
In terms of Affordable Care Act fees, Blue Cross is asking for a 3 percent increase, Tufts is asking for a 2.8 percent increase, and UnitedHealthcare is asking for a 3.8 percent increase.
OHIC said that it is currently reviewing the requested rate components, with a final decision by R.I. Health Insurance Commissioner Christopher F. Koller expected in June that approves, modifies, or rejects the requested rate increases.
