PROVIDENCE – Rhode Island’s largest health insurance companies are seeking rate increases for 2022 that range from 2.9% to 17.5% for the small- and large-group markets depending on the plans, according to the R.I. Office of the Health Insurance Commissioner.
The requested rates will undergo a state review led by the office. In a news release, the commissioner, Patrick M. Tigue, said he was “concerned” by many of the requests.
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“Recently, health insurers have generated substantial profits as a result of the reduction in medical services experienced during the coronavirus disease 2019 public health emergency,” he wrote. “My office will scrutinize the requested increases and critically evaluate the necessity of significant increases, given the overall financial health of the insurers.”
The rate requests follow:
- For the individual market – insurance that is purchased by individual consumers – only Blue Cross & Blue Shield of Rhode Island and Neighborhood Health Plan of Rhode Island submitted proposals. Blue Cross requested a 3.1% increase in its weighted average rate. Last year, it received a 3.3% increase. Neighborhood Health requested an 8.5% increase. Last year, it received a 4.7% increase.
- For the small-group market, which is purchased by small businesses, Blue Cross requested a 2.9% increase. Last year, it received a 2.7% increase. Neighborhood Health requested a 6.5% increase. Last year it received a 1.8% increase.
- UnitedHealthcare of New England Inc. requested a 10.7% increase for its preferred provider organization customers and a 17.5% increase for its health maintenance organization customers. Last year, it had a 0.5% decrease for the PPO small-group customers, and a 2.3% increase for its HMO customers.
- Tufts Health Plan requested a 5.1% increase for its PPO customers and a 5.2% increase for its HMO customers.
- In the large-group market, which represents larger company rates, Blue Cross requested a 7.4% increase, UnitedHealthcare requested a 14.1% increase and Tufts Health Plan asked for a 9.1% increase for its PPO and HMO plans.
- Aetna Inc. and Cigna, which traditionally have had less than 1% of the large-group market in Rhode Island, have requested a 9% increase and a 5.3% increase, respectively.
Public comment will be accepted on the proposed rate increases through Aug. 6. A virtual public comment session will be held on Zoom.
Comments may be submitted to cory.king@ohic.ri.gov or by mail to the Office of the Health Insurance Commissioner, Attn: Cory King, chief of staff, 1511 Pontiac Ave., Building 69, Cranston, R.I. 02920.
Mary MacDonald is a staff writer for the PBN. Contact her at MacDonald@PBN.com.
