Submitted Rate Requests to CT Insurance Department Show Potentially Sharp Increases for 2018
In 2018, you could be paying one third to 50 percent more for your insurance premiums. According to a report in the Connecticut Post, rate filings recently submitted to the Connecticut Department of Insurance paint this scenario a distinct possibility.
Just how much of a jump could you see? Based on filings from 10 companies, rate increase requests range from 3.6 percent to an average of 33.8 percent for Anthem Blue Cross Blue Shield. For Anthem’s plans in particular, the requested increases for individual plans ranged from 19 percent to 52.1 percent. The requests for small group plans were similar, averaging 31.6 percent for companies with 50 or fewer workers.
Other filings included ConnectiCare Benefits Inc., HPHC Insurance Co., Oxford and UnitedHealthcare. Most insurers are requesting at least 10 percent, but the lowest was UHC for its small group plans. In total, all requests would affect the insurance premiums of 270,000 Connecticut residents.
Since these reports were released, insurance analysts have found that the requests for 2018 exceed those proposed at this time in 2017. As for the reasoning, many insurers are dealing with the Affordable Care Act’s uncertain future. By this point next year, exchange plans might not be an option. For insurers, this scenario could result in sharply decreased cost-sharing subsidies, which impact ACA plans’ out-of-pocket costs.
Additionally, costs related to medical care and prescription drugs continue to increase and, because of the ACA, more individuals are utilizing their plans. As a result, insurance carriers anticipate significantly higher premiums for the next calendar year.
Do you currently use an individual or exchange plan and are concerned about your rates? To start exploring your options for 2018, work with an agent at Ion Insurance. To schedule an appointment, give us a call at 203.439.2815.