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Businesses Face Double-Digit Health Insurance Rate Hikes
Following a public comment period, the Green Mountain Care Board has approved reduced rate increases for health insurance plans. BlueCross BlueShield group rates will rise by 13% while MVP will rise by 11.5%. This cost increase will weigh heavily on the cost burden of small businesses. A review of hospital budget proposals is expected from regulators in the coming weeks.
Looking ahead, the Vermont Chamber is already anticipating 2025 when the issue of re-merging the small group and individual markets will be back on the table in the legislature. Stakeholders will have to fully understand what re-merging the market would mean financially to small businesses that represent only 6% of the health insurance landscape.
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