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April 01, 2013 at 08:42 AM
Vermont carriers might charge about as much for individual coverage in 2014 as they charge for comparable coverage today, but residents could have a harder time using high deductibles to hold down premiums.
That conclusion comes from a comparison of preliminary Vermont Health Connect exchange 2014 rates with actual 2013 plan premium data.
The Vermont exchange appears to be the first Patient Protection and Affordable Care Act (PPACA) exchange to show the public what PPACA exchange coverage prices might look like.
Two carriers – Blue Cross Blue Shield Vermont and MVP Health Care – have filed proposed rates with the Vermont Department of Financial Regulation.
For singles, for example, the proposed average monthly premiums range from $265 for bare-bones catastrophic coverage, which would be offered only to adults under age 30, up to $609 for top-tier, “platinum” coverage.
The carriers would offer bottom-tier bronze plans and mid-tier silver plans in versions that were compatible with health savings accounts (HSAs) and versions that were not compatible with HSAs.
Today, the lowest deductible widely available with Vermont individual policies sold online is $3,500.
In 2014, Vermont Blue would charge $370 per month for bronze, non-HSA coverage with a $3,500 deductible. MVP would charge $362 for a similar policies with a $3,500 deductible.
Today, MVP is selling an individual policy with a $3,500 deductible through eHealthInsurance.com for $364 per month.
For new business, the lowest deductible available with an individual plan sold through the Vermont Blue website is $5,000. Monthly premiums for coverage with a $5,000 premium start at $457 per month.
