What is a health insurance “rate filing”?
If a health insurance company that sells to Vermonters wants to charge more for premium prices, it must ask the Green Mountain Care Board. Companies ask to change their premium prices by submitting a rate filing. The rate filing explains why the company needs to change the premium prices they charge Vermonters.
How is a rate filing reviewed?
When the Green Mountain Care Board gets a rate filing, they post it on their Rate Review website. The board then asks the insurer questions. The board also asks for comments from the public. For some rate filings there is a public hearing.
Act 48, Act 171 and the board’s own rule require them to consider multiple factors when reviewing a rate filing including whether the premium price change is affordable. After reviewing the rate filing, the board approves, denies or makes changes to the rate filing.
Who represents Vermonters in rate filing cases?
The Office of Health Care Advocate (HCA) represents the public in rate filing cases. We tell the Green Mountain Care Board how the changes might affect Vermonters. We also tell the board what we think it should do regarding the rate filing. Learn more on our page about the HCA’s Rate Review Role.
When do companies submit rate filings?
Rate filings are submitted throughout the year. The proposed rates for Vermont Health Connect (VHC) plans are submitted to the Green Mountain Care Board in May. Public hearings for these cases happen in late July and the board sets VHC premium prices in August.
How can I comment on premium price changes?
You can tell the board what you think about premium price changes. Visit our How the Public Can Participate page to learn how to make comments.