The Green Mountain Care Board — the independent agency overseeing Vermont’s healthcare system — reduced BlueCross and BlueShield of Vermont and MVP Health Plan’s requested premiums for individuals and small businesses.
The reduced rate increases affected 70,000 Vermont residents, according to an Aug. 22 news release from the Green Mountain Care Board.
BCBS Vermont requested a 23.5% increase in the individual market and the board approved a 9.6% increase. The payer requests a 13.5% increase in the small group market and the board approved a 4.4% increase.
MVP requested a 6.2% increase in the individual market and the board approved a 1.3% increase. The payer requested a 7.5% small group increase and the board approved a 2.5% increase.
The reduced rate increases affected 70,000 Vermont residents, according to the release.
“The GMCB takes seriously its responsibility to protect families and small businesses from unaffordable healthcare costs,” board chairman Owen Foster said in the release. “I am proud of our work to take a bite out of our soaring healthcare costs this year. At the same time, our decisions protect insurer solvency so they can meet the needs of their members.”
