RI Health Insurance Carriers Request 2022 Rate Hikes
Monday, July 05, 2021
On June 28, the Office of Health Insurance Commissioner (OHIC) released the individual, small, and large group market premium rates requested by Rhode Island’s insurers. And the average increases sought range from 2.9% to 17.5% in the small group market and 5.3% to 14.1% in the large group.
The requests, below, were filed as part of OHIC’s rate review and approval process, and are for rates effective in 2022. Two insurers, Blue Cross Blue Shield of Rhode Island (BCBSRI) and Neighborhood Health Plan of Rhode Island (NHPRI), filed plans to be sold on the individual market for persons who do not receive insurance through their employer. In addition to BCBSRI and NHPRI, UnitedHealthcare and Tufts Health Plan filed small group market plans. Five insurers (BCBSRI, UnitedHealthcare, Tufts Health Plan, Aetna, and Cigna) filed large group rates.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
As in previous years, key factors influencing the rate requests for 2022 are expected increases in the cost of health care services.
OHIC will now review all pricing assumptions, administrative charges, and other information to assess the reasonability of the premium requests by each insurer. Based on the following quote from Health Insurance Commissioner Patrick Tigue in the press release announcing the filings, it seems likely that OHIC will push back on the insurers.
“I am concerned by many of the requested premium increases,” said Health Insurance Commissioner Patrick M. Tigue. “Recently, health insurers have generated substantial profits as a result of the reduction in medical services experienced during the coronavirus disease 2019 public health emergency. My office will scrutinize the requested increases and critically evaluate the necessity of significant increases, given the overall financial health of the insurers.”
Public comment on the proposed rates will be accepted through August 6, 2021.
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.
Related Articles
- How COVID-19 Could Change Wellness - Sam Slade
- The Staying Power of Telemedicine Post-Pandemic - Slade
- When it Comes to PTO, Should You Go Unlimited? - Sam Slade
- Thoughts on Independence - Sam Slade
- Slade Joins Warwick-Based Hilb New England as Managing Director of Employee Benefits
- 12 to Watch in 2012: Libby Slader
- Slader Re-Elected as Chair of the RI State Council on Arts
- Attorney General Objected to Health Insurance Hikes. What Happens Next? - Sam Slade
- Smart Benefits: And Much More - Sam Slade
- Remote Workers? Labor Posters Just Got Easier - Sam Slade
- How to Banish Remote Worker Burnout—Sam Slade
- 7 Steps to Support Employee Mental Health - Sam Slade
- Employer-Sponsored Education Assistance: 3 Ways to Boost Your Benefits – Sam Slade
- On Gratitude and Patience - Sam Slade
- 10 New Year’s Benefit Resolutions for Employers - Sam Slade
- 2022 Limits for Health Savings Accounts and Out-of-Pocket Maximums - Slade
