Posts Tagged - ‘tufts health plan’

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Rhode Island Health Insurance Premiums To Increase

Thursday, July 8th, 2010

Image: taberandrew under CC 3.0

Bad news for Rhode Island health insurance consumers: the insurance commissioner just approved several premium increases.

The health insurance rate hikes, which become effective next year, are as follows:

  • Blue Cross Blue Shield of Rhode Island: 9.8% for small and large business health insurance
  • United HealthCare: 12.3% for firms with under 50 employees, and 8.4% for larger companies
  • Tufts: 11% and 10.2%, respectively

On the bright side, these rate hikes are lower than those originally requested.

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Mass. Insurers Agree To Pause Rate Increases

Friday, April 9th, 2010

When deciding on the monthly rates of a health insurance plan, insurers consider several factors. Maximizing revenue is one of the goals, as is minimizing costs. Another concern is whether their proposed rate increases will pass muster with state–and now federal–regulators.

In Massachusetts, Governor Deval Patrick recently denied a series of monthly rate increases that sometimes reached 32%, far beyond the rate of inflation. Rather than propose less severe increases, many health insurance companies have stopped selling coverage after April 1st.

Two major providers, Blue Cross Blue Shield and Tufts Health Plan, have taken a different tactic: they have agreed to resume writing new policies for individuals and small businesses at last year’s rates, at least temporarily. Meanwhile, all major insurers are working to meet the deadline for more affordable health insurance premium increases. Granted, it is unknown what consequences they will face if they fail to submit the changed proposals by the end of this week.

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