PROVIDENCE – Local health insurers have all submitted requested commercial health insurance rate hikes for 2023 for individual, small and large group plans, the R.I. Office of the Health Insurance Commissioner announced Friday.
Large group rate requests ranged from an increase of 7% to 13.4%, Small group market rate requests ranged from an increase of 9.2% to 12.3%. Individual group rate requests ranged from an increase of 6.8% to 9.6%.
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OHIC said that key factors influencing the rate requests for 2023 were expected increases in the cost of health care services due to increases in utilization, provider prices, and pharmaceutical costs.
OHIC’s final decisions on 2023 rate changes are expected in August.
Small group rate requests:
- Blue Cross & Blue Shield of Rhode Island requested an 11.7% increase.
- Neighborhood Health Plan of Rhode Island has requested a 9.3% increase.
- UnitedHealthcare (HMO) has requested a 12.3% increase.
- UnitedHealthcare (PPO) requested a 10.8% increase
- Tufts Health Plan (HMO) requested a 9.2% increase
- Tufts Health Plan (PPO) requested a 10% increase
Large group market rate requests:
- BCBSRI requested a 7% increase
- UnitedHealthcare has requested an 11.3% increase
- Tufts Health Plan HMO requested a 10.4% increase
- Tufts Health Plan PPO requested a 10.3% increase
- Aetna requested a 13.4% increase
- Cigna requested an 8.5% increase
Individual market rate requests:
- BCBSRI requested a 9.6% increase.
- NHPRI has requested a 6.8% increase.
