Health Insurance Rate Filing - Aetna Life Insurance Company (Individual)
Rate request: New Product Filing
Decision: Under Review
Public Comment Period: August 28, 2013 to September 16, 2013
On August 27, 2013, Aetna Life Insurance Co. submitted a rate filing for a new individual health plans that will provide major medical and prescription drug coverage and will include the Essential Health Benefits as required under the federal Patient Protection and Affordable Care Act (PPACA).
The company intends to market the plans outside of Access Health CT, the state-sponsored health exchange, including marketing new plans through Costco, but said the plans will conform to all applicable state laws and those of PPACA.
Because this is a new product with no market experience in Connecticut, the company calculated the rates based on the claims cost experience from its other individual plans issued in other states. In building the rate for this product, the company looked at the cost of medical services and demand for those services in 2012 – factor known as “trend” – and projected they would increase at an annual rate of about 8.75 percent.
Content Last Modified on 9/5/2013 3:07:17 PM