CID: Health Insurance Rate Filing - Aetna Life Insurance Co. (Individual-Grandfathered)

Health Insurance Rate Filing - Aetna Life Insurance Co. (Individual-Grandfathered)

Rate request: 6.6 percent increase
Decision: Approved as submitted on May 21, 2014

On April 14, 2014, Aetna Life Insurance Co. submitted a rate filing for a proposed 6.6 percent increase on individual major medical plans that are grandfathered under the federal Affordable Care Act.

Grandfathered status means the plans were marketed before March 23, 2010, the date the ACA was enacted, and do not have to comply with the ACA mandates if there have been no major changes to coverage or benefits since then.

Aetna reports that there are 2,563 of these grandfathered policies currently in effect in Connecticut. In its filing, the company explained that it sought the increase to account for ACA taxes and fees and the Connecticut exchange user fee.

After an actuarial review, the Department determined that Aetna’s proposed increase to account for ACA fees and taxes were consistent with the federal law’s requirements and user fees for the state’s exchange – Access Health CT. As a result, the Department approved the request as submitted on May 21, 2014, ruling that the increase is reasonable to the benefits being offered and is neither excessive, inadequate nor unfairly discriminatory.

The Department received one public comment in opposition to the requested increase. The summary of that comment is included in the Department’s final disposition.

The new rates will take effect on August 1, 2014.

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

Content Last Modified on 5/22/2014 10:07:07 AM