Rhode Island Office of the Health Insurance Commissioner approves 2018 premium rates


Today, the Rhode Island Office of the Health Insurance Commissioner (OHIC) released approved 2018 premium rates for the individual, small group and large group markets. The rates approved for Blue Cross & Blue Shield of Rhode Island are as follows:
• 2018 Individual Market Rate: 12.1%
• 2018 Small Group Market Rate: 7.3%
• 2018 Large Group Market Rate: 10.5%

Below is a statement from BCBSRI regarding the announcement.

Blue Cross & Blue Shield of Rhode Island (BCBSRI) accepts the modifications of the Health Insurance Commissioner to its 2018 individual, small, and large group rate filings. Both the requested and approved rates reflect the increased costs of care, particularly prescription drug costs and care provided by specialists, as well as taxes mandated by the Affordable Care Act.

We appreciate the opportunity to collaborate with state officials, health care providers, and Rhode Islanders to advance the overall health of our state by ensuring access to high-quality, affordable healthcare. We have made significant strides in piloting care management programs and innovative payment models that show promise in leading to a more sustainable cost structure and better outcomes for patients. However, we recognize that more has to be done to achieve the triple aim – better health for our state, a simpler patient experience, and lower costs – and we can’t go it alone.

We all play a part in accelerating change. We urge providers to adopt alternative payment models that focus on high-quality, cost-efficient care and we encourage businesses to adopt new plan designs that offer lower-cost networks. Collectively, we must create and offer solutions that encourage consumer engagement.

We pledge to do our part in developing the contracts, networks, plan options and consumer tools needed to lower costs going forward.

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