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Health insurers are asking the state for large increase in health insurance premiums in 2023, citing increased visits and higher health care costs.
The proposed premium increases have to go through the
Insurance premiums for plans bought on the state’s individual market, HealthSource RI, are proposed to go up 9.6% for
Increasing reimbursements: RI legislative leaders look to increase Medicaid reimbursement rates for first time in years
For small businesses’ plans, proposed increases are 11.7% for
For the biggest group, larger employers,
What is driving insurers’ requests to increase premiums?
This year, requests for premium increases are being driven by pent-up and “catch-up” demand for health care, as procedures and surgeries were postponed or canceled during the pandemic.
Add in inflation, affecting the cost of supplies and prescription drugs, and health insurers say premiums need to go up to cover their costs.
King said the commissioner’s office always finds reasonable ways to reduce insurers’ proposed premium increases.
“We can’t just make things up, because the insurers can appeal the decision we’ve made, whether we’ve complied with the laws,” King said.
Who is affected by the proposed rate increases?
Whatever final increases, if any, the commissioner approves will affect 172,746 people, or 16% of
The proposed increases would affect the 42,658 people on the individual market, 47,433 people on small-employer plans, and 82,655 people on large-employer plans.
According to census data from 2019, 4% of
In all, 52% of residents have employer-sponsored health coverage and another 38% have insurance through Medicare, Medicaid or the military, according to data from the
Many companies that provide health insurance either bear the cost of insurance themselves or pay for plans in other states, King said.
Last year, Attorney General
2022’s increases: RI health insurance premiums rose in 2022 less than companies wanted
King said insurance companies didn’t have to pay out as much last year because people weren’t going to the doctor or accessing health care as frequently.
Public comment is open until
Public comments will be accepted through
“We appreciate when the public comments, because it helps us build our case of why premiums should be lower and what the impact of these increases is,” King said. “It’s useful evidence to incorporate into our process.”
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