MVP Health Plan’s 1Q2013 and 2Q2013 Small Group HMO Rate Filing.
Company is proposing an overall average annual rate increase of 9.2% (over 1Q2012 rates) for policyholders renewing in 1Q2013. For second quarter 2013 renewals, the overall average annual rate increase being proposed is 8.3% (over 2Q2012 rates).
Q1 and Q2 2013 Small Group AR44 Rate Filing
MVP Health Plan, Inc. is a non-profit 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
MVP must obtain approval from the Department of Financial Regulation and Green Mountain Care Board
for the health insurance premium rates charged. MVP files quarterly premium rates which are guaranteed for
12 months. This rate filing seeks approval of MVP's 1st and 2nd quarter 2013 premium rates (effective dates
of coverage beginning between January 1, 2013 and June 30, 2013).
The premium rates filed for approval each quarter reflect MVP's current estimate of the cost to provide health
insurance for that coverage period. The filed premium rates for the current quarter 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 9.0% increase over the prior rates. The minimum
proposed rate change for members renewing is 3.8% while the maximum rate change is 9.9%. 61 members
will be impacted by the proposed rate changes.
This filing is not subject to public comment.
Click attachment to view entire filling.
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.