- Neighborhood praises its provider network’s commitment to affordability, quality and access
- Insurer also introduces three new plans to be available through HealthSource RI
May 20, 2016 (Smithfield, RI) – As part of its enduring commitment to make health insurance accessible to everyone in the state, Neighborhood Health Plan of Rhode Island has announced its intent to lower its commercial insurance rates for individuals, families, and small businesses through HealthSource RI. The request was made to the state’s Office of the Health Insurance Commissioner (OHIC) earlier this month, and made public by OHIC today. If approved by the state, Neighborhood’s rate decreases take effect January 1, 2017.
Neighborhood is seeking to decrease rates for its individual and family plans by an average of 5 percent. The company has also asked for permission to decrease the rates for its employer and employee plans by an average of 2.2 percent.
“This decision comes from the very heart of our mission,” explained Neighborhood’s President and CEO Peter Marino. “The whole reason Neighborhood exists is to make sure everyone in Rhode Island has access to high-quality, affordable health care. Ninety percent of our commercial members receive a federal subsidy to purchase health insurance so we understand how critical it is to keep costs low.”
This is the second time in the four years since the state’s health insurance exchange was created that Neighborhood has lowered its year-to-year rates.
Neighborhood’s decision to lower its rates for those shopping for insurance on Rhode Island’s health insurance exchange – as well as to offer three new plans – comes at a time when many other insurers across the country are either requesting substantial increases in rates or leaving the exchanges altogether. Earlier this year, UnitedHealthcare announced its intent to leave the Rhode Island health insurance exchange in 2017.
“It’s simple. We put people before profits,” explained Brenda Whittle, Neighborhood’s Vice President, Commercial Products. “As a non-profit insurer, Neighborhood is not beholden to shareholders. Our primary focus now is the same as it always has been – making sure everyone in Rhode Island who needs comprehensive health insurance can afford it. Together with our provider partners, we’re making that goal a reality.”
In addition to its lower rates, Neighborhood is also introducing three new plans into its commercial offerings:
- INNOVATION: New Bronze tier Individual/Family plan offering the lower premiums of a high-deductible plan but also includes office visits, including mental health and substance use, with only a small co-pay; no deductible required.
- PREFERRED: New Silver tier Individual/Family plan offering a low coinsurance and includes office and specialty visits with only a copay required; no deductible. This is the lowest-priced Silver tier plan offered by Neighborhood since Health Source RI began.
- QUALITY: New Silver tier Individual/Family plan offering low-cost, high-deductible coverage, providing complete access to our full network of doctors, and top-notch customer service.
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Neighborhood Health Plan of Rhode Island is a non-profit HMO that was founded in 1993 in partnership with Rhode Island’s Community Health Centers. Currently serving over 185,000 members, Neighborhood has doubled in membership, revenue and staff since November 2013 as a result of the Affordable Care Act and decisions state leaders have made to extend coverage to more Rhode Islanders. In January 2014, Neighborhood extended its service, benefits and value to individuals and businesses through HealthSource RI – the state’s health insurance exchange; Neighborhood serves 49% the RI exchange market. Neighborhood has been rated by National Committee for Quality Assurance (NCQA) as one of the Top 10 Medicaid health plans in America every single year since ratings began twelve years ago – one of only two organizations in the country to have this distinction.