Double-digit health insurance increases will hit more than 70,000 Vermonters next year.
The Green Mountain Care Board on Tuesday directed the two major insurance carriers to adjust their proposed 2025 premiums from earlier requests.
For small groups under Blue Cross Blue Shield of Vermont, there will be an increase of almost 23 percent, and around 11 percent for MVP.
For individuals under BCBS, the increase rings in at almost 20 percent, and around 14 percent for MVP.
GMCB Chair Owen Foster in a statement said the skyrocketing increases reflected fundamental failures in our health care system and the immediate need for systematic change. “While these rates are plainly unacceptable, the alternative of an insolvent insurer unable to pay for patient care was worse. Vermont must address its underlying healthcare cost structure, demographic and housing challenges, and transform its healthcare system if we are to alleviate the healthcare affordability crisis we are facing,” he said.
Officials say federal subsidies will continue to be available in 2025 to most people who purchase a plan in the individual market and that the net premiums are actually expected to decrease.
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