Smart Benefits: 2015 Health Insurance Rates Approved
Monday, July 28, 2014
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:
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.
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