Vt. health insurers ask to increase health plan premiums, amid rising health care costs
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Original Coverage: Vt. health insurers ask to increase health plan premiums, amid rising health care costs
Blue Cross Blue Shield of Vermont is seeking to raise the cost of its premiums by an average of 23.3%. MVP, the other insurer that sells on the exchange, is seeking average increases of 6.2% for individual plans and 7.5% for small group plans. Blue Cross is also cutting back on coverage of popular weight-loss drugs known as GLP-1s on its individual and small group Plans. The drugs Zepbound and Wegovy, which are used for weight loss, will no longer be covered on those plans, according to Blue Cross spokesperson.“Our request reflects the rising cost of care, escalating pharmaceutical expenses, and increased utilization of health care services,” says MVP spokesperson. “I think that there is a perception that Blue Cross and Blue Shield. of Vermont and the Blue system has very comprehensive health care coverage,’’ says Blue Cross spokeswoman Sara Teachout. ‘I think it’s true — but I think it also is a Perception.’
Source: Vnews.com | Read full article
Blue Cross VT CEO: Progress has been made, but health care costs ‘simply unsustainable’
Blue Cross Blue Shield of Vermont CEO Don George has been ringing the alarm on the finances. He sent an open letter via email describing Blue Cross VT’s “fragile financial situation” George said the insurer was being battered by escalating prices for hospital services and extraordinary markups in prescription medications. He thanked “stakeholders” for the overwhelming response to his raising the alarm last July. “The cost of health care is putting tremendous pressure on Vermonters − our people, our businesses and organizations that fund benefits, and our economy. It’s simply unsustainable,” he said. “More deliberate, deliberate actions are required to curb pricing, utilization and stability of our health system,” he added. “We’ve made some progress, but health care costs remain alarmingly high,” George said, but not a solution to the rising trajectory of health spending. “Blue Cross VT would like to see revenue caps on hospital expenses,” the CEO said, “but these funds are not nearly enough to offset our cumulative loss in the past years”
Source: Msn.com | Read full article
Health insurers ask to increase health plan premiums, amid rising health care costs
Blue Cross Blue Shield of Vermont is seeking to raise the cost of its premiums by an average of 23.3%. MVP, the other insurer that sells on the exchange, is seeking average increases of 6.2% for individual plans and 7.5% for small group plans. Blue Cross is also cutting back on coverage of popular weight-loss drugs known as GLP-1s on its individual and small group Plans. The drugs Zepbound and Wegovy, which are used for weight loss, will no longer be covered on those plans, the Blue Cross spokesperson says. The insurer’s pool of customers is less healthy than MVP’s, because many customers who need more care gravitate toward its plans, she says. members of the state health insurance exchange are able to buy insurance on the state marketplace for the first time next year. The state health care regulator has the power to approve or reject premium hikes for the state’s insurance exchange plans, or the state will have to approve them.
Source: Newsbreak.com | Read full article
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Source: https://www.vnews.com/Health-insurers-ask-to-increase-health-plan-premiums-amid-rising-health-care-costs-61187373