Blue Cross and Blue Shield of Vermont claimed the state has systematically underfunded the insurer, causing its reserves to decrease every year since 2014, according to the VTDigger.
Vermont's Green Mountain Care Board, which is tasked with keeping the state's healthcare expenses in check, has repeatedly reduced BCBSVT's proposed health insurance rate hikes, the insurer argued in a recent state filing.
"Since the board became charged by the Vermont Legislature with major medical rate review, it has routinely lowered BCBSVT's rate requests, despite the board's own actuary's opinions that BCBSVT's rate requests were reasonable, with this decision being the most recent example," according to the filing.
The claims come after the board declined Vermont's largest insurer's request to raise premiums an average 11.2 percent for large group policies, which are purchased by companies with 100 or more employees. The board reduced BCBSVT's request to 9.8 percent.
While the board has not responded to BCBSVT's recent filing, board members wrote in the June 13 decision on the rate request that its task "is to strike an appropriate balance between achieving the most affordable rates possible while also safeguarding the financial solvency of our health insurer."
For the full VTDigger article, click here.
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