Rhode Islanders who buy health insurance individually or through a small employer now have an idea how much their monthly premiums will be in 2014. The state’s outgoing commissioner of health insurance approved rates lower than insurance companies requested, although just about everyone’s health insurance bill will be going up.
Chris Koller issued one of his last decisions in office on Friday, approving more modest rate increases for 212 different health insurance plans. The rates range from about $311 dollars a month for an individual with Neighborhood Health Plan of Rhode Island to about $371 dollars a month for a small employer plan through Tufts.
But these are base rates, which would include the basic benefits all plans must have under the Affordable Care Act. Consumers can expect to pay more than that approved monthly premium rate based on the type of plan, the anticipated rise in medical costs, and their age and family size. Koller also set limits on those factors.
It’s not yet been decided which specific plans will be offered on the state’s health benefits exchange, scheduled to go live October 1st. And rates for large employer plans should be approved this fall.