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Blue Cross Blue Shield of Vermont asks to raise reserve contribution after multi‑year losses
Summary
At a House Health Care Committee hearing, Blue Cross and Blue Shield of Vermont described multi‑year financial losses, warned of depleted reserves and said it has asked the Green Mountain Care Board to increase its contribution-to-reserves assumption from 3% to 7% for upcoming rate filings.
Blue Cross and Blue Shield of Vermont told the Vermont House Committee on Health Care that its health plans have lost money in five of the last six years and that it has asked regulators to allow a larger contribution to reserves to rebuild financial cushions.
"We have asked for a 7% contribution to reserves," said Sarah Teachout, director of government and media relations for Blue Cross and Blue Shield of Vermont. She told lawmakers the request is part of the health plan's 2026 rate filing strategy to restore reserves after a string of losses.
The request follows what Teachout described as a weak reserve position: she said the plan’s reserves are now below the level regulators would expect, amounting to “less than a month” of claims on hand. Teachout also highlighted 2023 financials, saying Blue Cross Vermont paid roughly…
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