Vermont regulators have trimmed down rate increases proposed by two insurance companies that offer health care plans through the state's marketplace.
In a pair of rulings released this week, the Green Mountain Care Board significantly cut back rates requested by Blue Cross Blue Shield and MVP Health for their individual and small group plans provided through the state's health care exchange.
Under the rulings, Blue Cross Blue Shield individual plan premiums are authorized to rise by 14%
and the small group plans by 13.3%, according to the board. Meanwhile, the board will; allow MVP Health plans to increase the cost of its health plans by 11.4%
The changes will impact more than 68,000 Vermonters who get health coverage through the exchange, or about 11% of the state’s population.
Despite the move, Vermonters who purchase health plans through the state's marketplace will still be paying some of the highest rates in years.
The board still allows health plans for individuals and small groups to increase an average of at least 11.4%
The board said the decision means the average premium for an individual plan with Blue Cross Blue Shield would go up by $105 a month
next year and around $90 per month for MVP Health's individual plans.
The increases would range from $78 to $89 monthly for single-group plans.
"While we were able to reduce these rate requests, we know that Vermonters will still struggle to pay for their health care," Board chairman Owen Foster said in a statement.