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.