The Green Mountain Care Board (GMCB) announced rulings on Thursday forcing Blue Cross Blue Shield of Vermont (BCBSVT) and MVP Health Plan, Inc. (MVP) to reduce the premiums they intended to charge individuals and families in 2022. BCBSVT proposed a 7.9% average annual premium increase for its plans, which is reduced to 5.0 percent based on GMCB actuaries’ advice and subsequently increased to 5.2 percent once Vermont hospitals’ 2022 budgets were submitted.
- Annual rate: MVP requested a 17.0% average annual rate increase for its plans. Based on the submitted filings, there are 15,878 BCBSVT members and 15,371 MVP members enrolled in the plans affected by these filings. After a thorough review of the filings, the Board reduced BCBSVT’s proposed rates to 4.7% on average and reduced MVP’s proposed rates to 12.7% on average.
- Benefits: These rate increases represent averages across different benefit plans with varying levels of cost-sharing. The plan-level increases approved by the Board range from -9.9% to 7.2% for BCBSVT and 6.4% to 16.3% for MVP. Despite the approved increases, individuals who receive premium tax credits are, on average, estimated to see a decrease in premiums.
- Premiums: The American Rescue Plan Act (ARPA) expands eligibility for federal premium tax credits through 2022, making them available for the first time to individuals with incomes above 400% of the federal poverty level. ARPA also increases the amount of federal premium tax credits available to individuals through 2022 at lower income levels.
- Enrollment: For 2021 coverage, Vermont Health Connect is offering a COVID-related enrollment window that continues through October 1, 2021, for residents who are currently uninsured. Residents who already have coverage can switch to a different plan without a qualifying event, as long as they do so by August 15, 2021.
- Eligibility; After that deadline, a qualifying event will be necessary in order to switch plans. After October 1, uninsured Vermont residents will need a qualifying event to sign up for coverage before the start of the open enrollment period for 2022 coverage, but that will begin just a month later, on November 1, 2021.