On September 17, 2023, the Workplace of the Overall health Insurance coverage Commissioner (OHIC) in Rhode Island authorized industrial well being insurance coverage premiums for 2024. The premiums for subsequent year show a clear trend of rising healthcare charges. In reality, the highest price raise authorized is more than ten%. Moreover, almost all of the price increases exceed the price of inflation.
According to the state organization, the authorized premiums are mostly driven by the increasing price of healthcare. This consists of the rising costs of healthcare goods and solutions, as properly as the increasing utilization of these sources. OHIC reviewed the advantage coverage documents for every well being strategy to make sure compliance with state and federal laws.
In addition to OHIC’s evaluation, the Rhode Island Lawyer General’s Workplace (RIAG) carried out an independent evaluation of price filings across all markets. The RIAG submitted comments and actuarial reports on every price filing to OHIC. Their consulting actuary supplied tables in the reports, displaying a variety of affordable price alterations for every insurer in 2024.
Tables 1-three in the supplied content material summarize the authorized prices for 2024 and the enrollment numbers with every insurer, by market place, as of March 2023. These tables showcase the authorized price alterations by OHIC, the variety proposed by the RIAG’s consulting actuary, and the price alterations requested by the insurers in their May well filings. All round, OHIC authorized weighted typical price alterations of five.9% for the person market place, three.9% for the little group market place, and eight.five% for the substantial group market place in Rhode Island.