Blue Cross and Blue Shield of Vermont dropped its proposed Vermont Basic offering from consideration for the qualified health plan market in 2027.
BCBS Vermont had pitched the product line, offering more affordable HSA-compatible plans, in May. The company said, based on currently filed rates, Vermont Basic would have been the most affordable Bronze option for that market.
The Green Mountain Care Board, a regulatory body that oversees the state’s healthcare system, delayed its decision on Vermont Basic until mid-August. BCBS Vermont told Becker’s June 30 that it had expected an answer in May.
“It would not give us adequate time to test the product and ready it in time for open enrollment this fall,” the organization said. “Investing time and money to do this work now if the product is eventually not approved would not be a responsible use of members’ precious dollars.”
Since BCBS Vermont received strong feedback from businesses, brokers and employers, the insurer said it will still roll out the product for self- and level-funded plans in 2027. The insurer also expects to launch Vermont Basic on the qualified health plan market in 2028 pending regulatory approval.
GMCB said in May that its approval would rest on several factors, including the insurer showing at least a 3% premium reduction based on network restrictions and developing a “robust” marketing campaign.
On June 12, the state’s commissioner of the Department of Financial Regulation sent a letter to GMCB regarding the deferred approval and concerns the board imposed conditions beyond their authority. He said state law does not “include authority over network adequacy, utilization review or marketing” for GMCB.
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