Neighborhood Health Plan of Rhode Island Decreases its Health Insurance Rates for 2015; Will Offer the Most Affordable Options on HealthSource RI

-- Award-winning insurer also doubles its number of commercial plan offerings for individuals, families and small employers --

Providence, RI (July 17, 2014) – Neighborhood Health Plan of Rhode Island (Neighborhood) today announced the Health Insurance Commissioner (OHIC) has approved its request to reduce the rates it charges commercial plan members. Responding to customer demand for more affordable health insurance plans with a broad network of doctors and providers, Neighborhood’s plans will now be the most affordable on HealthSource RI, Rhode Island’s health insurance exchange for individuals, families and small employers.

Neighborhood’s approved rate is a 7.3 percent decrease from 2014 on the individual market and 1.8 percent on the small employer side. According to OHIC, final rates will differ based on a subscriber’s age and benefits he or she chooses, but the average premium for a Neighborhood plan with no cost-sharing for a 21 year-old is $288.99 in the individual market.

“Neighborhood was founded to make sure everyone in our state has access to high-quality, low-cost health care,” said Jim Hooley, Neighborhood’s Chief Executive Officer. “Given this mission and the difficult local economy, we did everything we could to introduce new, lower-cost offerings to help Rhode Island’s working families.”

Neighborhood has doubled its offerings for 2015 and will have eight plans. Each plan offers access to Neighborhood’s full provider network with thousands of primary care and specialty doctors, every hospital in Rhode Island and nearly every pharmacy in the state.

“Our first year in the commercial market taught that we needed to be as aggressive with pricing as possible while still offering comprehensive benefits, a large network of doctors and great service. We believe individuals, families and small employers will find us to be a health plan with heart and great value and are eager to get that word out,” said Neighborhood Vice President and Chief Marketing Officer, Brenda Whittle.

Neighborhood Health Plan of Rhode Island was founded 20 years ago by Rhode Island’s community health centers to improve access to quality health care for traditionally underserved populations. Today, Neighborhood serves more than 140,000 people through a staff of 375 employees. The company’s membership has grown by more than 60 percent over the past seven months due to the Affordable Care Act and decisions by state leaders to increase opportunities for health insurance coverage.

About Neighborhood

Neighborhood Health Plan of Rhode Island is a not-for-profit HMO that was founded in 1994 to make sure everyone in our state has access to high-quality, low-cost health care. We’ve been ranked as one of the top ten Medicaid health plans in America for the past ten years* and serve more than 140,000 members. In January 2014, we extended our great service, benefits and value to individuals and businesses through HealthSource RI – our state’s health insurance exchange.

* National Committee for Quality Assurance 2004-2014 Health Insurance Plan Rankings – Medicaid