Health Care

Double-digit increase proposed for small business health insurance rates

Health care costs are increasing as regulators begin the review process for health insurance rates and hospital budgets. Double-digit rate hikes have been proposed for commercial insurance premiums for the second year in a row, the Vermont Chamber of Commerce reported in its July newsletter. 

The proposed small group market increases are 14.5% for Blue Cross Blue Shield of Vermont and 12.5% for MVP Health Care. 

The Green Mountain Care Board is accepting public comments through July 24. The Chamber hopes concerned Vermonters will communicate:

  • The filed insurance increases for the small group market are unsustainable for small businesses and their employees.
  • Most people in the small group already saw double-digit rate increases last year.
  • Vermonters already face historical economic uncertainty with inflation, a new state payroll tax, expiration of federal tax credits, increasing property taxes, increasing motor vehicle and professional license fees, severe workforce shortages, and more. 

Categories: Health Care

5 replies »

  1. Of course the rates are increasing. Someone has to pay for all those gender affirming care procedures for minors that the state will be paying for. Where else do they get the money from?

  2. Once again, small business is facing unrecoverable and substantial cost increases for legally mandated insurance. The economic pressures brought on small business by regulation, taxation and economic conditions are why a pizza is $28 and that corner store has closed. Fear not, liberal subjects of the people’s republic- the legislature convenes in but 27 weeks to further exacerbate your problems.

  3. Vermonters need the option of choosing cost-sharing plans on the open market. It is outside the purview of State government to regulate health insurance plans through an unelected medical board and statutes.

    • Indeed. This is not just an essential realization for Vermonters, Renee. The ‘choice’ of anything is essential to everyone, for many reasons.

      The price of anything, both goods and services, will always rise under a centralized system devoid of what we commonly refer to as a free market. In fact, without free markets, not only does the price of goods and services increase, the effectiveness for which they are provided decreases. In other words, not only does the price of cereal go up, the size of the box and the quantity of cereal in it gets smaller.

      The hubris and incompetence of those who have been elected or appointed to manage our societal affairs (i.e., make choices on our behalf) cannot be exaggerated. Unfortunately, and as history so often demonstrates, individuals drink the Kool-Aid without understanding what’s in it, until it’s too late to avoid the catastrophic consequences.

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