2023 Group Health Plan Rates Submitted - Big Increases Requested
Monday, July 11, 2022
The Office of Health Insurance Commissioner (OHIC) recently released the rate requests by Rhode Island insurers for 2023. And the premium increases asked for by the large group carriers are as high as 13.4%.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe proposed requests for both the small and large group markets are:
Small Group Market Requests
Large Group Market Requests
What’s Driving the Premium Hikes
As in past years, key factors influencing the rate requests for 2023 are expected increases in the cost of healthcare services due to increases in utilization, provider prices, and pharmaceutical costs.
Next Steps in the Review Process
OHIC will review all pricing assumptions, administrative charges, and other information to assess the reasonability of the premium requests by each insurer. The Commissioner may approve as filed, modify, or reject an insurer’s rate filing. OHIC’s final decision is expected in mid-to-late August.
Sam Slade is Managing Director, Employee Benefits, at The Hilb Group of New England, where he delivers consulting and brokerage services to local employers. He has extensive experience in all aspects of employee benefits, including underwriting, plan design, communications, compliance, and analytics, with a particular focus on alternative funding and self-insurance. Sam lives in South Kingstown with his wife and three sons.
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