It’s Enough To Make You Sick
Vermonters who purchase their own health insurance whether they are young or old got some really bad news recently. The Green Mountain Care Board (GMCB) approved increases in the small group market for Blue Cross and MVP that border on outrageous. The GMCB is charged with the task of assuring the solvency of insurance companies so the consumers’ needs for affordable insurance do not enter the mix very much.
Blue Cross asked for a 24% increase and ended up with a 22.8% increase which translates to an average annual increase of 19.8%. MVP asked for an 11.5% increase and the board gave them 11.1% which is a 14.2% increase over last year. The board does have a time when the public can comment before the increases are finalized, but when people tell them they can’t afford another double digit increase they show little sympathy and hide behind statements that the cost of health care is rising too fast.
Everyone is taking a hit, but seniors may have a harder time than others because a lot of us are living on fixed incomes and have to live within a budget range. This kind of increase blows any budgeting out of the water. I have a Vermont Medigap Blue Plan D Medicare supplemental policy with Blue Cross of Vermont that cost me $191 a month last year. I was notified it will cost me $234 in 2025. It will cost me an extra $516 next year for the privilege of buying a Medigap policy. The cost of Medicare Part B is also slated for an increase.