RI’s Health Insurance Commissioner Approves Rate Increases, Some Businesses Face Near 10% Hike

RI’s Health Insurance Commissioner Approves Rate Increases, Some Businesses Face Near 10% Hike

Inflation and rate hikes are hitting Rhode Island’s business community again.

Commercial health insurance premiums for 2023 have been approved by the State of Rhode Island’s Office of the Health Insurance Commissioner (OHIC), with modifications.

For some categories of Rhode Island businesses, the rate hikes are as high as 9.7%

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OHIC staff reviewed the benefit coverage documents for each health plan to ensure compliance with state and federal laws. “The approved premiums are predominantly driven by the escalating cost of healthcare—the increasing unit prices and use of health care goods and services,” said OHIC in the announcement.

In addition to OHIC’s review, for the first time this year, the Rhode Island Attorney General’s Office (RIAG) conducted an independent review of rate filings in all markets. The RIAG submitted comments and actuarial reports on each rate filing to OHIC. OHIC also solicited and considered public comment during this year’s review process.

 

Tables 1 – 3, below, summarize the approved rates for 2023. The rate change approved by OHIC is shown along with the recommendations of the RIAG’s consulting actuaries and the rate change requested by the insurers in the May filings.