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GMCB cuts Blue Cross rate request by one-third

MONTPELIER — The Green Mountain Care Board has rejected Blue Cross Blue Shield of Vermont’s 12.7 percent requested rate increase, imposing a smaller increase of 9.2 percent. The board, the state’s health care regulatory body that oversees insurance rates and hospital budgets, announced the rate approval Thursday. BCBSVT requested the 12.7 percent increase, citing rising medical and pharmaceutical costs, increased utilization of medical services, an aging population and mandated changes to federal law as, the reasons behind the rate hike. After an analysis of the review, however, the board unanimously approved a lower rate increase for 2018 plans sold by BCBSVT on the state’s health insurance exchange. “As we issue our decision today, we are mindful of the uncertainties surrounding provisions of the Affordable Care Act, and the difficulties that many Vermonters —particularly those who do not qualify for premium assistance or cost-sharing reductions — face as health insurance premiums continue to rise faster than other economic indicators,” the board wrote in its order. Continue Reading →

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