MVPHIC’s 1Q2013 and 2Q2013 Individual Indemnity Rate Filing.
Company is proposing an overall average annual rate increase of 15.0% for policyholders renewing in 1Q2013 and 2Q12013 (January- June 2013).
Q1 and Q2 2013 Individual Indemnity Rate Filing
MVP Health Insurance Company is a health care payer operating in Vermont and New York. MVP’s mission is to provide high quality and affordable health care with a focus on wellness to our members.
MVP must obtain approval from the Department of Financial Regulation and Green Mountain Care Board for the health insurance premium rates charged. MVP files monthly premium rates which are guaranteed for 12 months. This rate filing seeks approval of MVP's premium rates for effective dates January 2013 – June 2013.
As rate changes are filed the premium rates may be higher or lower than the previously filed premium rates. However, premium rates generally increase over time. Increases in premium rates are driven by many factors including increases in use of medical services by the insured population, increases in hospital and physician required charges for medical care, expanded covered services due to government mandates, and the exit of healthier individuals from the insurance market place as the cost of insurance increases.
The premium rates included in this rate filing reflect a 15.0% annual increase over the January 2012 – June 2012 premium rates. Renewal rate increases for the January – June 2012 effective dates were (4.0%) or minus 4.0%.
Filings for increase requests of 10% or more are also required to file with the Department of Health and Human Services. Information on this filing can be found here: http://companyprofiles.healthcare.gov/states/VT/companies/92802/products....
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Click attachment to view 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.