CID: Health Insurance Rate Filing - ConnectiCare Inc. (Individual-HMO Grandfathered)

Health Insurance Rate Filing - ConnectiCare Inc. (Individual-HMO Grandfathered)

Rate request: 9.8 percent increase

Decision: Approved September 29, 2015

On August 23, 2015, ConnectiCare, Inc. filed a request to increase rates approximately 9.8 percent on certain individual HMO insurance policies, which were sold before March 23, 2010 when the federal health insurance law was enacted. As a result, these policies are considered “grandfathered” and exempt from many of the benefit mandates associated with the federal law.

There are approximately 160 individuals covered under these plans in Connecticut.

ConnectiCare said the requested increase accounts for inflation of the cost of medical services and heightened demand for those services, a factor known as “trend.” The company is estimating the impact of “trend” at 8.43 percent for medical and 12.30percent for pharmacy benefits.

After an actuarial review, the Department concurred with the company’s projections on the impact of medical inflation on claims costs.

As a result, the Department approved the request on September 29, 2015, ruling the rate change was appropriate for the benefits provides.

The new rates take effect on policies renewing on January 1, 2016.


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

Content Last Modified on 10/5/2015 1:04:46 PM