BRIEF: HealthSource RI premiums to rise because of Trump cuts

Oct. 25--CRANSTON, R.I. -- The state health insurance commissioner has approved premium increases, of 18 to 20 percent on some plans, for Rhode Island's Obamacare marketplace, blaming the rate hike on President Donald Trump's elimination of key federal payments for the insurance plans.

HealthSource RI's silver level plans will see the 18 to 20 percent increase, according to a news release Wednesday from the commissioner's office.

Trump discontinued cost-sharing reduction payments that helped pay out-of-pocket costs for low-income users of Obamacare medical insurance.

"We have done everything we can to minimize additional costs for consumers resulting from this shortsighted action on the part of the president," said commissioner Marie Ganim. "But I want to make it very clear that the president's decision to end these payments has already created unnecessary turmoil and threatened the stability of our health insurance market."

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