MONTPELIER, Vermont (WCAX) – More than 70,000 Vermont residents will be affected by double-digit increases in health insurance premiums next year.
The Green Mountain Care Board on Tuesday ordered the two major insurance carriers to adjust their proposed premiums for 2025 from previous requests.
For small groups under Blue Cross Blue Shield of Vermont, the increase is almost 23 percent, and for MVP it is about 11 percent.
For individuals under BCBS, the increase is almost 20 percent and for MVP around 14 percent.
GMCB Chairman Owen Foster said in a statement that the steep increases reflect fundamental flaws in our health care system and the need for immediate systematic change. “While these rates are simply unacceptable, the alternative of an insolvent insurer unable to pay for patient care would be even worse. Vermont must address its underlying health care cost structure, demographic and housing challenges, and transform its health care system if we are to alleviate the health care crisis we face,” he said.
According to officials, most people who buy insurance in the individual market will continue to receive federal subsidies in 2025, and net premiums are even expected to decline.
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