Rate Review

In order to ensure that insurance rates are fair to consumers and that insurance carriers stay financially healthy, OHIC reviews the prices that insurers set and the plans that they create through the annual form and rate review process. This process is a part of the office’s efforts to control employer and consumer premium growth in Rhode Island.

For the individual and small group market, OHIC examines the details of each health plan, which the insurers share with OHIC in documents known as "forms." These documents include all of the information about what the plan covers, the plan's network, and member cost sharing structure (what the co-pays and deductibles are). OHIC must make sure the plans follow all state and federal laws. When an insurer claims that consumers will only be responsible for a set percentage of their health costs, OHIC uses these documents to ensure the insurer's claims are true.

For previous year Form and Rate Review documents please click here.

Commissioner Tigue Rejects Charges for Profits and Contributions to Reserves for Insurers During 2021 Rate Review

During the 2021 health insurance rate review process, Health Insurance Commissioner Patrick M. Tigue rejected all charges for profit and contributions to reserves in the 2022 rates that were filed with OHIC for review, citing the continued impact COVID-19 has had on the health and financial wellbeing of Rhode Islanders. In addition, several insurers were required to modify the actuarial assumptions set forth in their filings that produce additional savings for consumers. As a result of these changes, Rhode Islanders will save $41,680,000 in 2022 compared to what the commercial health insurers requested.