CID: Health Insurance Rate Filing - Oxford Health Plans (Large Group)

Health Insurance Rate Filing - Oxford Health Plans (Large Group)



Rate request: Overall average 9.1 percent

Decision: Disapproved, limited to a 6.3% increase

On September 16, 2016, Oxford Health Plans filed a request to increase premium rates an average of 9.1 percent next year on its large group HMO health insurance plans. These are medical policies for employers with 51 or more workers.

The company states the increase is necessary to account for a 9 percent impact from the increasing cost of medical services and a greater demand for those services, a factor known as “trend.” The company also is making adjustments for fees associated with the federal Affordable Care Act.

After an actuarial review, the Department determined that the Oxford’s actual claims costs for 2015 and 2016 year-to-date came in below what the company had projected. As a result, the Department disapproved the original rate increase request and instead approved a lower increase of 6.3 percent on October 27, 2016.

The new rates take effect January 1, 2017 for approximately 940 policyholders in Connecticut that provide health coverage for about 1,800 employees and their dependents.

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Find the filing, brief summary and public comment section here at Health Insurance Rate Filing


Content Last Modified on 10/28/2016 10:37:26 AM