Health Insurance Rate Filing - Connecticare Inc. (Large Group)
Rate request - 1 percent increase
Decision - Approved May 1, 2013
On March 26, ConnectiCare Inc. filed a request to raise premium rates an average of 1percent for large employer group medical policies for employers with 51 or more workers. The company said the increase was needed to adjust its base rate for the second and third quarter of 2013 to account for new taxes and fees mandated by federal health care reform.
The company estimates the impact of the new fees – Patient Centered Outcomes Research fee, Transitional Reinsurance Program and Health Insurer fee – would have a 0.67 percent impact in the second quarter 1.27% impact in the third quarter.
After an actuarial review, the Department determined that ConnectiCare’s request for the small increase was justified and approved the new rate on May 1, 2013.
The new rates will apply to policies renewing on or after May 1, 2013. There are approximately 250 of these policies in force in Connecticut that provide health coverage for about 22,000 employees and their dependents.
Content Last Modified on 5/2/2013 10:03:55 AM