Neighborhood Health wants to lower commercial insurance rates

NEIGHBORHOOD HEALTH PLAN of Rhode Island said that it intends to lower its commercial insurance rates for individuals, families and small businesses through HealthSource RI and has made the request to the state’s Office of the Health Insurance Commissioner.
NEIGHBORHOOD HEALTH PLAN of Rhode Island said that it intends to lower its commercial insurance rates for individuals, families and small businesses through HealthSource RI and has made the request to the state’s Office of the Health Insurance Commissioner.

SMITHFIELD – Neighborhood Health Plan of Rhode Island said that it intends to lower its commercial insurance rates for individuals, families and small businesses through HealthSource RI and has made the request to the state’s Office of the Health Insurance Commissioner.
Neighborhood wants to decrease rates for its individual and family plans by an average of 5 percent, and lower rates for its employer and employee plans by an average of 2.2 percent.
If approved, Neighborhood’s rate decreases take effect Jan. 1.

For a 25 year old who has Neighborhood’s Community (Silver HSA-level) plan, its most popular individual/family plan, the proposed rate change would make the monthly premium drop to $192.29 from the current $203.53; a family of four using that same plan (two 45 year olds, a 5 year old and 15 year old) would see the monthly premium fall to $796.34 from the current $842.88.

Neighborhood spokesman Jim Armstrong said savings would likely be even higher as 90 percent of the insurer’s commercial members receive some level of federal subsidies when they purchase on the exchange.

Neighborhood’s President and CEO Peter Marino said the decision “comes from the very heart of our mission.”
“The whole reason Neighborhood exists is to make sure everyone in Rhode Island has access to high-quality, affordable health care. Ninety percent of our commercial members receive a federal subsidy to purchase health insurance so we understand how critical it is to keep costs low,” Marino said.
Neighborhood’s decision to lower its rates for those shopping on the state-based exchange, as well as to offer three new plans, comes when other insurers across the country are either requesting increases in rates or leaving exchanges altogether.
Earlier this year, UnitedHealthcare announced its intent to leave HSRI next year.

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The three new plans being introduced by Neighborhood into its commercial offerings on the exchange are:

  • Innovation: A new Bronze tier individual/family plan offering lower premiums of a high-deductible plan; it also includes office visits, including mental health and substance use, with a small co-pay; no deductible required.
  • Preferred: New Silver tier individual/family plan offering low co-insurance; includes office and specialty visits with only a copay required, no deductible. This is the lowest-priced silver tier plan offered by Neighborhood since HealthSource RI began.
  • Quality: New Silver tier individual/family plan offering low-cost, high-deductible coverage, providing complete access to Neighborhood’s network of doctors.

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