Becker's Healthcare July 29, 2024
BlueCross BlueShield of Vermont says premium hikes are needed to stay financially solvent.
In May, the company asked state regulators to approve the highest-ever premium increases for individual and small group plans in the history of the Vermont exchange market, CEO Don George wrote in a letter to community leaders shared with Becker’s.
In July, the company said it was placed in the “unprecedented situation” of amending its request to raise premiums even higher, Mr. George wrote. The company says its claim costs have increased significantly since May, draining reserves and leaving the company in a “fragile financial state.”
“These increases are troubling for all of us and have positioned us between two extraordinary pressures — the...
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