Vermont Health Insurance Premiums Set to Increase in 2027
The Green Mountain Care Commission has decided to reduce the proposed increases in health insurance premiums for Vermont by $24 million, even though rates will still rise next year.
Blue Cross Blue Shield of Vermont and MVP Health will increase their premiums in 2027, but the commission’s adjustments will help lessen the financial impact on consumers.
This commission is responsible for overseeing hospital budgets and health insurance premiums and aims to balance costs and access for residents in Vermont and parts of upstate New York.
In July, they held a public forum regarding the proposed rate hikes, where many Vermonters expressed their concerns about the rising costs being unaffordable.
“None of us can afford to pay the premiums we have today,” noted Matts Walker, an eighth-generation Vermonter from White River Junction. “We want to start families and have children, but it’s tough to do that without affordable healthcare.”
Despite these concerns, the board approved smaller rate increases for individual and small group plans. For instance, initial requests from Blue Cross Blue Shield for small groups were at 4.5 percent, but the approved increase ended up being only 1.2 percent. Similarly, MVP’s request for a 9.1 percent increase was cut down to 6.2 percent.
During the July meeting, the board’s chair, Owen Foster, emphasized the difficulty of keeping costs affordable while also maintaining the financial health of insurance companies.
“You have to consider the solvency of the insurance companies and the system,” Foster remarked. Vermonters have shown their dissatisfaction, and he assured them that the board is taking their feedback seriously.
“I’m a ninth-generation Vermonter myself,” he added. “My family can’t afford health insurance, and we’re losing family members too. This really matters to our community, and we recognize that.”
The board also pointed out that expenses from hospitals outside Vermont are adding to the pressures driving premium increases. In response, they have put additional requirements on carriers to better manage costs and enhance affordability for consumers.
