Health Insurance Rate Filing - Oxford Health Plans (Large Group)
Rate request: 5.8 percent increase
Decision: Approved on October 25, 2013
On September 24, 2013, Oxford Health Plans filed a request to raise premium rates an average of 5.8 percent for health insurance policies being marketed to employers with 51 or more workers.
The company plans to reduce its base rate approximately 1 percent, but said the overall increase is due to changes in new medical and pharmacy plan designs that take effect January 1, 2014. The company reported that the increased rate also reflects higher projected medical costs and anticipated uptick in demand for medical services.
After an actuarial review, the Department determined that the company’s projections of cost increases were appropriate and on October 25, 2013 approved the request.
The new rates will take effect January 1, 2014 for policies in Connecticut that provide health coverage for about 5,000 employees and their dependents.
Content Last Modified on 10/25/2013 2:05:24 PM