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Vermont Regulators Reduce Proposed Rate Increases for Two Healthcare Insurance Companies

Vermont Regulators Reduce Proposed Rate Increases (Photo: Healthcare Service Corporation)

The healthcare insurance companies in Vermont have received a reduction in their proposed rate increases, as per the regulators.

Vermont Regulators Reduce Proposed Rate Increases (Photo: NZOne Financial Services)

Vermont Regulators Reduce Proposed Rate Increases

As per the report from Valley News, two insurance companies in Vermont offer healthcare plans to individuals and small employers through Health Connect. These companies may increase premiums by up to double digits in 2024. However, the Vermont regulators reduce proposed rate increases requested by the insurers.

According to Washington Examiner, the Green Mountain Care Board has approved premium rate increases for Blue Cross Blue Shield of Vermont and MVP Health Care for 2024. Despite reducing the initial rate requests, the increases will still make it difficult for individuals and small businesses to afford the plans they purchased on the exchange.

READ ALSO: Apartment Rent Cost Reached A Record-Breaking Level In New York City 

Vermont Legal Aid’s Office of the Health Care Advocate supports the Vermont regulators to reduce the proposed rate increases but noted that Vermonters were already priced out of the ability to get the care they need.

Approved rate increases reflect the challenges of providing quality healthcare amidst rising industry costs. The board will continue to use every tool to improve the affordability and access to high-quality care, with hospital budgets as a key driver in healthcare cost increase.

READ ALSO: Social Security Prediction: New Report Shows An Enormous Cut In Social Security Benefits By 2033

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