Smart Benefits: 2015 Health Insurance Rates Approved

Monday, July 28, 2014

Amy Gallagher, GoLocalWorcester Business/Health Expert

Rhode Island’s Health Insurance Commissioner recently announced approved health insurance premium increases for individuals and employers for 2015 – and they’re lower than requested by most insurers.

New Rates

The rates requested and approved for the four largest carriers in the market – Blue Cross Blue Shield of Rhode Island (BCBSRI), Neighborhood Health Plan of Rhode Island (NHPRI), Tufts Health Plan (Tufts) and UnitedHealthcare (United) – are as follows:

Individual Essential Health Benefits Base Rates

Small Employer Essential Health Benefits Base Rates

Large Employer Average Expected Premium Increases

What You See Isn’t Necessarily What You’ll Get

In the individual and small group markets, the EHB (Essential Health Benefits) Base Rate is the premium for a plan with no cost-sharing for a 21-year-old – and serves as the basis for the rates that will be charged for plans. Final rates will differ based on a subscriber’s age and benefits chosen.

For large groups, the expected premium increases are averages; employers will have higher or lower rates based on demographic changes in their workforce and their company’s utilization rate.

Premium Drivers

The rising cost of medical care – what insurers pay providers for services and the number of services members use – continues to be the main driver of health insurance premium growth.

Amy Gallagher has over 21 years of healthcare industry experience guiding employers and employees. As Vice President at Cornerstone Group, she advises large employers on all aspects of healthcare reform, benefit solutions, cost-containment strategies and results-driven wellness programs. Amy speaks regularly on a variety of healthcare-related topics, and is often quoted by national publications on the subject matter. Locally, Amy is a member of SHRM-RI, the Rhode Island Business Group on Health, and the Rhode Island Business Healthcare Advisory Council.