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September 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

With future of Obamacare in doubt, insurers propose CT rate hikes next year

The majority of insurance companies selling individual and small group health plans in Connecticut are seeking significant rate increases for next year – although, on average, they are not as high as those requested last year.

The insurers said their proposed raises are due to increasing health care costs and ongoing uncertainty about the future of the Affordable Care Act, or Obamacare.

The Connecticut Insurance Department (CID) is reviewing 14 health insurance rate filings for the 2019 individual and small group markets. The filings were made by 10 health insurers for plans that currently cover about 293,000 people.

Two carriers – Anthem and ConnectiCare Benefits Inc. – have filed rates for both individual and small group plans that will be marketed through Access Health CT, the state-sponsored health insurance exchange.

The proposed average individual rate increase request is 12.3 percent and ranges from -10.9 percent to 31 percent. Last year, the average increase request was 25.51 percent. The proposed average small group rate increase request is 10.22 percent and ranges from -5.0 percent to 21.1 percent, compared to last year’s average increase request of 18.06 percent.

The CID will conduct actuarial reviews on each filing to determine if they are justified and will either approve, reject or modify the request. A 30-day public comment period on all filings is now underway; an informational hearing on the filings will be held Sept. 5 at 10 a.m. at the CID in Hartford.

The CID expects to make final rulings on the proposals in September. Open enrollment for the 2019 coverage year begins Nov. 1.