Health-Insurance rate increases
A number of Rhode Island health-insurance companies have been granted permission for double-digit rate increases to their premiums for 2018.
The new rates released Thursday by the Office of the Health Insurance Commissioner range from increases of 5 percent to 12.1 percent. In six of 12 cases, the rates app
roved are less than the increases requested by the insurance companies. Collectively, the 2018 premium approvals are $16.7 million lower than what insurance companies requested.
The rate increases approved for the individual market, which covers roughly 47,000 people, are: Blue Cross Blue Shield of Rhode Island, 12.1 percent; Neighborhood Health Plan of Rhode Island, 5 percent.
The rate increases approved for small-group market, which covers roughly 60,000 people, are: Blue Cross Blue Shield of Rhode Island, 7.3 percent; Neighborhood Health Plan of Rhode Island, 6.3 percent; United HealthCare HMO, 8.1 percent; United HealthCare PPO, 8.1 percent; Tufts Health Plan HMO, 6 percent; Tufts Health Plan PPO, 6.5 percent.
The rate increases approved for the large-group market, which covers roughly 123,000 people, are: Blue Cross Blue Shield of Rhode Island, 10 percent; United HealthCare, 8 percent; Tufts Health Plan HMO, 9.8 percent; Tufts Health Plan PPO, 10.4 percent.
Having health insurance is the first step in the process of planning for medical issues and paying for your care to address those issues. However, health insurance is only one piece in the health care planning puzzle. People need to be aware that health insurance does not pay for every health related expense. One major expense it does not pay for is nursing home care, or skilled nursing care. These medical expenses are not covered by health insurance and should you or a loved one find yourself in a position to need to reside in a facility, many are overwhelmed with the financial burden it imposes. Thus planning your estate and planning for these expenses is critical. Call us to discuss how you can plan for these expenses.