PROVIDENCE – The R.I. Office of the Health Insurance Commissioner Wednesday approved commercial health insurance rate hikes for 2023 with modifications for individual, small and large group plans.
Large group rate increases requested in June ranged from 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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The Office of the Health Insurance Commissioner announced on Wednesday modified and approved rate hikes of 5.7% to 8.9% for large group rates, 3.5% to 9.7% for small group rates and 3.1% to 8.2% for individual rates.
Participants will save $22.8 million in 2023 compared with what the commercial health insurers requested, according to the release. The Office of the Health Insurance Commissioner reviewed the medical expense trend assumptions, administrative charges, and margin requests for each insurer.
Also, for the first time this year, the R.I. Attorney General’s Office conducted an independent review of all the rate filings. The Office of the Health Insurance Commissioner also solicited and considered public comment during this year’s review.
“My office has conducted a thorough review of the rate filings, public input, and considered the actuarial recommendations provided by the Rhode Island Attorney General’s Office across all markets,” said Health Insurance Commissioner Patrick M. Tigue said. “As I said when my office published the requested increases in June, the rates demonstrate the continued need for shared accountability by insurers and providers to address the underlying costs of health care in order to promote affordability for Rhode Island consumers and businesses.”
