Rate hikes approved for RI health insurers
Providecne, R.I. – Once again, health insurance costs are going up for employee sponsored health plans. Health Insurance Commissioner Christopher Koller has approved rate increases that average between 8.4 percent and 12.3 percent for small and large businesses.
Koller says he did his best to trim down the requested increases.
"We reduced requested contributions to reserves or profit," he said. "We reduced administrative costs, and we reduced estimates for medical expense increases. So we reduced them across the board."
Koller has also issued some conditions on the health plans. They include requirements to spell out the ways the companies will reduce inefficiencies and reward quality not just the quantity of health care services.