Health Insurance Rate Filing - ConnectiCare Insurance Company, Inc. (Small Group Indemnity)
Rate Request: Average increase of 7 percent
Decision: Under Review
Public Comment Period: September 10, 2014 through September 30, 2014
On August 31, 2014, ConnectiCare Insurance Co., Inc., filed notice with the Insurance Department that it plans to apply an average increase of 7 percent for small group health care indemnity plans used by employers, who have 50 or fewer workers.
The Department does not have statutory authority to approve or deny rates for small group indemnity business and will conduct an actuarial review only of the filing in accordance with the federal health care reform guidelines as an unreasonable rate increase request.
In its filing to the Department, the company cited the impact of “trend,” which reflects rising medical and pharmacy costs and an increase demand for medical services. The company said “trend” would account for a base rate increase of about 10.4 percent.
The new rates, which apply to renewals as well as new business, will take effect on January 1, 2015 on about 3,500 employees and their dependents in Connecticut.
Content Last Modified on 9/9/2014 1:59:31 PM