(WJAR) — Rhode Islanders who buy their own health insurance could be facing another year of significant premium increases.
The Office of Health Insurance Commissioner announced Monday that health insurers have submitted their requested rates for 2027 coverage, and some plans are seeking double-digit increases.
For people who purchase insurance on their own rather than through an employer, the requested hikes range from nearly 10% to almost 25%.
Blue Cross Blue Shield of Rhode Island is asking for an average increase of 9.8%, while Neighborhood Health Plan of Rhode Island is seeking an average increase of 24.9%.
Insurers argue they need higher premiums to keep up with rising health care costs and other expenses.
State Health Insurance Commissioner Cory King said his office will now review the requests to determine whether those increases are justified.
Small businesses could also see premiums rise next year.
Insurers that provide coverage to small employers are requesting increases ranging from 7.7% to 19%, with an average proposed increase of 8.7%.
For larger employers, requested increases range from 12.2% to nearly 35%.
The Office of the Health Insurance Commissioner can approve the rates as submitted, lower them, or reject them altogether.
The proposed increases do not affect most Rhode Islanders who get health insurance through self-funded employer plans, which cover roughly 65% of people with employer-sponsored insurance.
Comment with Bubbles
JOIN THE CONVERSATION (9)
The review process will continue through the summer, and the OHIC will make a final decision on rates in mid-September.