Rhode Islanders are about to get slammed with massive health insurance premium hikes — the steepest in over a decade.
The state’s Office of the Health Insurance Commissioner (OHIC) on Monday approved commercial rate increases of 21% for the individual market, 17.6% for the small group market, and 19.3% for the large group market. Nearly 175,000 residents will feel the sting next year.
“These are the largest increases we’ve seen in years,” Health Insurance Commissioner Cory King said, warning premiums in Rhode Island — and nationwide — are “set to rise more significantly” in 2026 than most people can remember.
The double-digit hikes don’t affect the roughly 65% of residents who get insurance through self-funded employer plans, nor those on Medicare or Medicaid. But for small businesses, freelancers, and families who rely on the commercial market, it’s bad news.
OHIC cited soaring costs for medical services and prescription drugs, along with higher utilization as patients flood back into doctors’ offices post-pandemic. On top of that, a new $50 annual state insurance fee — $200 for a family of four — will be tacked onto bills in January.
Adding insult to injury, federal Enhanced Premium Tax Credits under the Affordable Care Act are scheduled to expire after 2025 unless Congress acts. Without them, HealthSource RI customers could see premiums spike by 85% — about $1,250 more per household annually — before these new hikes even kick in.
King said hospitals and insurers need to “bear more accountability” to keep care affordable. But for now, Rhode Islanders can only brace themselves as their health coverage bills soar sky-high.
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