Rate request - 1.6 decrease
Decision - Approved steeper average decrease of 2.7 percent
On October 8, 2012, ConnectiCare Insurance Company filed a request to decrease base premium rates by an average of 1.6 percent beginning January 1, 2013.
The company said the policies are relatively new and the actual experience need to project rates is limited. The requested decrease reflects a revision based on costs projections that used a combination of all the company’s existing HMO individual product experience. The company then made an adjustment for age, gender, benefits offered and geographical area for this book of business and determined that a lower base rate was appropriate. The company also calculated the impact from fees associated with federal health care reform that will be assessed in 2014.
After an actuarial review, the Department determined the company’s impact of trend on rates was appropriate. Department, however, determined that the $7 per-member-per-month impact from federal reinsurance fees was premature and should be pro-rated depending upon the renewal date. As a result, the Department approved a steeper decrease of 2.7 percent on December 3, 2012.
The new rates affect approximately 1,600 policyholders in Connecticut.
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