Neighborhood’s 2018 Commercial Rates Will Once Again Be the Lowest Available on RI’s Health Insurance Exchange

State regulators approve the non-profit insurer’s requests for modest increases to individual/family and small business plans

 

August 18, 2017 (Smithfield) – Neighborhood Health Plan of Rhode Island will once again offer the most affordable options to Rhode Islanders shopping for coverage on the state’s health insurance exchange.  Finalized rates for the 2018 calendar year were announced yesterday by the state’s Office of the Health Insurance Commissioner (OHIC).

Neighborhood requested and received permission to increase its individual and family plans by 5 percent.  It also requested and received permission to raise the price for its Small Business plans (between 2 – 50 employees) by an average of 6.3 percent.  Neighborhood’s rates remain the lowest available on the state’s health insurance exchange, HealthSourceRI.

“I hear from our members all the time about how difficult it can be to make ends meet and how they must sometimes choose which bills to pay each month,” explained Peter Marino, Neighborhood’s President and CEO.  “Neighborhood Health Plan of Rhode Island keeps our members in mind when we design our plans and determine how much they should cost.  And that’s why, year after year, Neighborhood stands alone in offering the lowest-cost commercial health insurance plans to the people of Rhode Island.”

As a not-for-profit company, Neighborhood’s longstanding mission is to control costs, to partner with excellent providers, and to explore innovative ways to make the state’s entire health care system more efficient and responsive.

A recent national study by the Kaiser Family Foundation singled out Rhode Island’s health insurance exchange for the impressively low rates available to people shopping for health insurance.  Rhode Island is able to earn this distinction thanks to Neighborhood’s aggressive efforts to control costs.  In fact, it has been common over the past few years for Neighborhood to request year-to-year decreases in commercial rates.  In years when a decrease is not possible, Neighborhood’s proposed rates are consistently among the most affordable, as they are for 2018.

“This year, we are particularly proud that OHIC accepted our initial rate proposals, allowing Neighborhood once again to offer the most affordable health insurance plans for our state’s individuals, families, and small businesses,” said Brenda Whittle, Neighborhood’s Vice President, Exchange.  “OHIC’s outright approval of Neighborhood’s requests encourages us to continue working for a Rhode Island in which everyone has access to high-quality, affordable health care.”

“Health care is personal,” added CEO Peter Marino.  “We know that the price of these plans matters a lot to the people shopping on HealthSourceRI.  If Neighborhood can offer affordable premiums with access to excellent health care, we’re easing some of the burden in our members’ lives.  That’s why we’re here.”

The majority of Rhode Islanders who purchase coverage on HealthSourceRI, the state’s health insurance exchange, choose Neighborhood (more than 54 percent).  Neighborhood’s new rates take effect January 1, 2018.