Health Insurance Rate Filing - ConnectiCare Insurance Company, Inc. (Individual-POS Grandfathered)
Rate request: 9.8 percent increase
Decision: Under Review
Public Comment Period: September 4, 2015 to September 24, 2015
On August 23, 2015, ConnectiCare Insurance Company, Inc. filed a request to increase rates approximately 13.5 percent on certain individual insurance policies, which were sold before March 23, 2010 when the federal health insurance law was enacted. As a result, these policies are considered “grandfathered” and exempt from many of the benefit mandates associated with the federal law.
There are approximately 1,622 individuals covered under these plans in Connecticut.
ConnectiCare said the requested increase accounts for inflation of the cost of medical services and heightened demand for those services, a factor known as “trend.” The company is estimating the impact of “trend” at 10.26 percent for medical and 13.5 percent for pharmacy benefits.
If approved, the new rates would take effect on policies renewing on January 1, 2016.
Content Last Modified on 9/3/2015 11:02:08 AM