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2014 preliminary individual health insurance rates announced in Vermont
Old 04-01-2013, 06:52 PM   #1
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2014 preliminary individual health insurance rates announced in Vermont

Vermont Health Connect put out preliminary rate filings today. To the best of my knowledge they are the first state to publish preliminary rates.

Quote:
Preliminary Rate Filings for Vermont Health Connect

Vermont Health Connect is the marketplace for individuals, families, and small businesses to compare and purchase qualified private health insurance plans, determine eligibility for and enroll in public health insurance plans, and access tax credits and financial assistance. In October 2013, Vermont Health Connect will open for Vermonters to enroll in health coverage that will take effect in January 2014.
see Preliminary Rate Filings for Vermont Health Connect | Department of Financial Regulation

and http://www.dfr.vermont.gov/sites/def...HP%20rates.pdf

These rates broadly seem to be about $100 a month more than what I currently pay but it is hard to make a direct comparison because my deductibles are higher.

The rates are significantly lower than those suggested by the Berkeley calculator but California has much higher costs in general than Vermont so perhaps there is some hope that the dramatic increases we have been fearing are overstated.
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Old 04-01-2013, 07:31 PM   #2
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Interesting info PB. I wonder what age bracket these figures are referring to? Numbers appear more reasonable until I look at $300 for an under 30 catastrophic plan, and a bronze plan only being $70 more. Makes me wonder these numbers aren't for younger people? I couldn't imagine some 29 yr old paying $300 for a catastrophic plan and a 50 year old being able to pay $370 for a bronze plan. As the data leaks out it gets more interesting.
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Old 04-01-2013, 07:34 PM   #3
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I'm trying to understand that. I pulled up the proposed rates for the BCBS and page 50 of the filing has proposed rates by tier and the rates used in the summary seem to tie back to the Tier 1 rates.

The only thing is that at this point I don't know what each Tier means and what Tier I would fall into.

See http://www.dfr.vermont.gov/sites/def...HP%20rates.pdf

Edit: Found out Tier 1 is single, Tier 2 is couple, Tier 3 is head of household with one or more children and Tier 4 is family with two parents and one or more children
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Old 04-01-2013, 07:51 PM   #4
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Quote:
Originally Posted by Mulligan View Post
Interesting info PB. I wonder what age bracket these figures are referring to? Numbers appear more reasonable until I look at $300 for an under 30 catastrophic plan, and a bronze plan only being $70 more. Makes me wonder these numbers aren't for younger people? I couldn't imagine some 29 yr old paying $300 for a catastrophic plan and a 50 year old being able to pay $370 for a bronze plan. As the data leaks out it gets more interesting.
From what I can tell the premiums are not age rated. On page 38 of the BCBS filing I found the following reference:

Quote:
BCBSVT developed the table of rates without regard to age, tobacco use or geographic area, as required under the Vermont community rating law, and so the requirements listed in 45 CFR 154.301(a)(4)(v) and (xiv) do not apply.
which suggests that the rates don't vary by age. IIRC they do currently. I'm not sure whether that has been changed or if the premiums by age will follow later. I suspect the former.

Edit: My current rate is a small group rates and does not vary by age. I think what I recalled was when I was shopping for individual coverage the premium did vary by age.
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Old 04-01-2013, 07:55 PM   #5
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Once I turned 55, I could certainly swallow those premiums until Medicare and not be disappointed.
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Old 04-01-2013, 08:37 PM   #6
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Great link. Thanks!

+1 @ mulligan. I too could live with those rates.
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Old 04-01-2013, 09:07 PM   #7
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We'll see how long those rates last when all of the young people refuse to pay that much for health insurance. There is no way I could even sell the "catastrophic" plan to younger families @ $700-800/month. Thanks for the link though.
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Old 04-01-2013, 09:30 PM   #8
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assume these rates are before subsidies?
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Old 04-01-2013, 10:07 PM   #9
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assume these rates are before subsidies?
Yes.
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Old 04-01-2013, 10:30 PM   #10
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Originally Posted by pb4uski View Post
I'm trying to understand that. I pulled up the proposed rates for the BCBS and page 50 of the filing has proposed rates by tier and the rates used in the summary seem to tie back to the Tier 1 rates.

The only thing is that at this point I don't know what each Tier means and what Tier I would fall into.

See http://www.dfr.vermont.gov/sites/def...HP%20rates.pdf

Edit: Found out Tier 1 is single, Tier 2 is couple, Tier 3 is head of household with one or more children and Tier 4 is family with two parents and one or more children
Thank you for posting this information; it is very helpful. If the rates in my state end up looking anything like those in Vermont, it will be encouraging.

Last week my employer announced they "can't make any promises" that we will have our jobs in a few months, so my interest in the eventual PPACA rates has suddenly skyrocketed.
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Old 04-02-2013, 07:06 AM   #11
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I would gladly pay these rates!! (a third of what I'm paying now)

Factor in a subsidy and....Gee...and VT is only 110 miles away....hmmmmmmm.
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Old 04-02-2013, 07:15 AM   #12
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I would gladly pay these rates!! (a third of what I'm paying now)

Factor in a subsidy and....Gee...and VT is only 110 miles away....hmmmmmmm.

Marko,
you live in mass. unless you move the only thing that counts is the mass connector.
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Old 04-02-2013, 07:41 AM   #13
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I would gladly pay these rates!! (a third of what I'm paying now)

Factor in a subsidy and....Gee...and VT is only 110 miles away....hmmmmmmm.
Plenty of room up here for LBYMers!! Certainly lower cost of living than MA IMO.
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Old 04-02-2013, 07:57 AM   #14
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Marko,
you live in mass. unless you move the only thing that counts is the mass connector.
I either mis-read or mis-understand the chart. I was looking at a $739 monthly premium for a couple on a BCBSVT Bronze.

I have BCBS now and ... don't I wish it were $739!!! Even if I drop down to a bronze type plan, it looks like it would set me back about $1500 (unless, of course, I'm reading that chart incorrectly as well...which seems to happen more and more often)
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Old 04-02-2013, 11:21 AM   #15
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See page 39 of this doc http://www.dfr.vermont.gov/sites/def...-128957017.pdf

Seems the coinsurance is 40% for the Silver plan. I believe both the Kaiser and the Berekely site said that silver would be 30% (or did I dream that up ?? I can't find it anymore !)
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Old 04-02-2013, 11:30 AM   #16
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Quote:
Originally Posted by Mulligan View Post
Once I turned 55, I could certainly swallow those premiums until Medicare and not be disappointed.
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Originally Posted by MichaelB View Post
I too could live with those rates.
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I would gladly pay these rates!!
+1. I'd be thrilled to pay those rates too, what I've seen has been much higher (more like $1500-1700/mo w/o subsidies for a couple) from a calculator link in an earlier thread here. Glad we have DW's employer coverage into summer 2014 or so, assuming we'll all have a better idea how this will shake out (at least to start).
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Old 04-02-2013, 11:48 AM   #17
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Originally Posted by Live And Learn View Post
See page 39 of this doc http://www.dfr.vermont.gov/sites/def...-128957017.pdf

Seems the coinsurance is 40% for the Silver plan. I believe both the Kaiser and the Berekely site said that silver would be 30% (or did I dream that up ?? I can't find it anymore !)
I haven't been paying much attention to plan definitions but I think the difference between gold, silver, bronze is based on a measure that they call Actuarial Value or AV that looks at the net effect of all of the plan's cost sharing features (not just co-pays). Further, there is an independent actuarial certification included in the filing where an independent actuary certifies that the AV satisfies the criteria for the level of the plan.

Also see http://www.kff.org/healthreform/upload/8303.pdf
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Old 04-02-2013, 12:22 PM   #18
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40% coinsurance is ridiculous high - we'll be hitting those out of pocket maximums more often then we thought !
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Old 04-02-2013, 12:27 PM   #19
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40% coinsurance is ridiculous high - we'll be hitting those out of pocket maximums more often then we thought !


i think its 40 percent for bronze,30 percent for silver,20 percent for gold, 10 percent for platinum
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Old 04-02-2013, 12:38 PM   #20
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40% coinsurance is ridiculous high - we'll be hitting those out of pocket maximums more often then we thought !
For that plan, you would need $8,125 in covered medical costs (at the negotiated rates) to hit the medical OOPM. I know that DW and I haven't come close to that amount in the last few years, but we have been relatively healthy. That said, if one had any major illness you could get to the OOPM pretty quick.
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