BCBSVT’s 2013 Vermont Association of Chamber Executives Rate Filing .
The Company is proposing an average annual rate increase of 10.9% over current rates.
Our estimates of the medical costs that covered members will incur in the 2013 contract year
make up most of the filed 11.0 percent increase. Actual claims costs were higher than projected
for the current experience year. We also project claims costs will rise by 4.8 percent in the new
coverage period. However, the rate guarantee negotiated last year offsets much of this increase
and produces a 9.8 percent underwriting loss.
Almost 32 percent of the filed increase is the result of state and federal assessments and
mandates. About 88 percent of this is due to the mandates in Vermont Act 171 and Act 158.
The administrative expense requirement further reduces the filed increase because the
contribution to reserve dropped from 1 percent to 0 percent.
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Click attachment to view the entire filing.
Once the actuarial opinion has been received by the Department and the Commissioner’s recommendation concerning this filing has been made, these documents will be found at the Green Mountain Care Board’s rate review website: http://gmcboard.vermont.gov/rate_review. You can search the Board’s website using the SERFF tracking number at the top of this page. Once the decision has been issued by the Board we will update the status of the filing on our website. Please note there is a time lapse between when the filing is submitted to our Department and when the Board issues the decision.