Blue Cross Blue Shield Requesting 8.4% Rate Increases
The Affordable Care Act, in spite of its name, is not making health care affordable for many Vermont residents. One in five people in Vermont are struggling with medical bills. Meanwhile, Blue Cross Blue Shield of Vermont, as a “non-profit” company, will receive a tax break of over $15 million this year, while ten of its executives are paid up to half a million dollars each.
BCBS has asked the Green Mountain Care Board (GMCB) to approve a premium increase averaging at 8.4%, with increases of up to 14.3% on some plans. This is considerably more than most people’s wages rise in a year, so this increase, if granted, will be a huge setback for many people who purchase health insurance through Vermont Health Connect. This big win for the insurance company will do nothing to increase in access to care, especially for people on basic plans with high deductibles and co-pays. If anything points to the need to get the insurance industry out of health care, it is the effrontery of BCBS’s request for premium increases that will make health care less, not more affordable.