Major Health Insurance Carriers Considering Raising Rates in CT

According to a report from the CT Mirror, several major insurance carriers in the state are considering raising rates higher than standard medical inflation. When all are averaged, the increase comes out to a 26.8 percent jump – almost three times more than the yearly 9.6 percent.
Fourteen insurers in Connecticut are attempting to make these changes, but such increases need to go through the state Insurance Department. As a result, Insurance Commissioner Katharine Wade has started to schedule hearings. At these hearings, the Insurance Department has the authority to modify or reject rate increases based on the carrier’s filings. As of now, Anthem, Aetna and ConnectiCare all have time slots.
Additionally, the public also has a say for roughly 30 days or until the filing is closed. For the carriers listed above, public comment started in June, while the hearings themselves are scheduled for August.
If the increases are approved, they wouldn’t be uniform across all carrier plans. Rather, they would encompass 18 individual and small employer plans, covering approximately 332,126 people. Larger employer plans – how most Connecticut residents get health insurance – are exempt. Among the proposed increases, Oxford has requested just 2.1 percent. At the other end of the spectrum, Golden Rule wants 32 percent for its plans offered outside of the Access Health CT exchange.
Why the sudden interest in increases? The federal re-insurance program from 2014 to 2016 was discontinued for 2017, which offset costs for most carriers. On the other hand, consumers have been able to shop around for more affordable coverage and still use their plans for higher-cost claims through the Affordable Care Act.
Worried that your rates could be rising? If the requests go through and you find yourself having to pay nearly 25 percent more, start exploring your options through Ion Insurance. To learn more, give us a call at 203.439.2815.