In the individual market, payers are seeking a weighted average rate increase of 8 percent, according to a June 10 news release from the Rhode Island insurance commissioner. In the small group market, payers are seeking a weighted average rate increase of 11.5 percent. In the large group market, payers are seeking a 7.9 percent weighted average rate bump.
Cory King, chief of staff at the insurance commissioner’s office, told the Providence Journal the proposed increases are the biggest he’s seen in the eight years working for the office.
Expected increases in healthcare services due to more utilization, provider prices and pharmaceutical costs influenced the rate requests, according to the news release.
The health insurance commissioner’s office will make its final decision to approve, modify or reject the proposed rates in August, according to the news release.
