RI Health Insurance Commissioner approves amended rate hikes for 2023

RI Health Insurance Commissioner approves amended rate hikes for 2023

THE RI OFFICE of the Health Insurance Commissioner on Wednesday approved amended rate increases for 2023 for individual, small and large group plans. The third column shows the rate increases approved for various insurers in the large group market. / COURTESY OF RHODE ISLAND HEALTH INSURANCE BUREAU

PROVIDENCE — The Office of the RI Health Insurance Commissioner on Wednesday approved commercial health insurance rate hikes for 2023 with changes for individual, small and large group plans.

Large group rate increases requested in June ranged from 7% to 13.4%, market rate requests for small groups ranged from 9.2% to 12.3%. Individual group rate requests ranged from an increase of 6.8% to 9.6%.

The Office of the Health Insurance Commissioner on Wednesday announced amended and approved rate increases from 5.7% to 8.9% for large group rates, from 3.5% to 9.7% for small groups and 3.1% to 8.2% for individual rates.

Participants will save $22.8 million in 2023 over what commercial health insurers have requested, the statement said. The Office of the Health Insurance Commissioner reviewed assumptions about medical spending trends, administrative costs and margin requests for each insurer.

Additionally, for the first time this year, the RI Attorney General’s Office conducted an independent review of all rate filings. The Office of the Health Insurance Commissioner also solicited and considered public input during this year’s review.

“My office conducted a thorough review of rate filings, public comment, and considered actuarial recommendations provided by the Rhode Island Attorney General’s office in all markets,” the insurance commissioner said. disease, Patrick M. Tigue. “As I said when my office released the requested increases in June, the tariffs demonstrate the continued need for shared responsibility by insurers and providers to meet the underlying costs of health care in order to promote affordability for Rhode Island consumers and businesses.”

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