Health Insurance Rate Filing - ConnectiCare Inc. (Larger Group HMO)
Rate request: 11 percent increase
Decision: Under Review
Public Comment Period: September 10, 2014 through September 30, 2014
On September 3, 2014, ConnectiCare Inc. filed a request to raise premium rates an average of 11percent for large employer group medical policies for employers with 51 or more workers.
The company said the increase was needed to account for the impact of increasing medical and pharmacy costs and an increased demand for medical services, factors known as “trend.” The company projected the “trend” impact at 10 percent on medical and 13.5 percent on pharmacy benefits.
If approved the new rates would apply to all groups with rate effective dates on or after October 1, 2014, but no later than September 30, 2015.
Content Last Modified on 9/9/2014 1:52:30 PM