October 2, 2022
On Wednesday, the RI Well being Insurance coverage Commissioner’s OFFICE accredited revised price hikes for 2023 for particular person, small, and huge group plans. The third column exhibits the accredited price will increase for varied insurance coverage firms within the giant group market. / PROVIDED BY THE RHODE ISLAND HEALTH INSURANCE AUTHORITY

PROVIDENCE – The Rhode Island Well being Insurance coverage Commissioner’s Workplace on Wednesday accredited a rise in industrial medical health insurance charges for 2023, with adjustments for particular person, small, and huge group plans.

Price hike requests for giant teams in June ranged from 7% to 13.4%, market price requests for small teams ranged from 9.2% to 12.3%. Requests for particular person group charges ranged from a rise of 6.8% to 9.6%.

The Well being Insurance coverage Commissioner’s Workplace introduced on Wednesday the change and approval of price will increase from 5.7% to eight.9% for giant teams, from 3.5% to 9.7% for small teams, and from 3.1% to eight. 2% for particular person bets.

Members will maintain In line with the submit, $22.8 million in 2023, in comparison with what industrial insurance coverage firms have been asking for. The Well being Insurance coverage Commissioner’s Workplace reviewed assumptions about medical spending tendencies, administration charges, and margin necessities for every insurer.

Additionally, for the primary time this 12 months, the Prosecutor Basic’s Workplace of the Republic of Ingushetia carried out an impartial verification of all tariff paperwork. The Well being Insurance coverage Commissioner’s Workplace can be soliciting public opinion throughout this 12 months’s evaluate.

“My workplace has carried out an intensive evaluate of price filings, public opinion, and actuarial recommendation supplied by the Rhode Island Legal professional Basic’s Workplace throughout all markets,” stated Patrick M. Teague, Well being Insurance coverage Commissioner. “As I stated when my workplace launched the requested will increase in June, the charges display the continuing want for insurers and suppliers to be collectively liable for primary healthcare prices to make sure affordability for Rhode Island customers and companies.”

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