Rate request: 19 percent increase
Decision: Under Review
Public Comment Period: December 10, 2014 to December 29, 2014
On December 4, 2014, Golden Rule Insurance Co. submitted a rate filing for a proposed 19 percent increase on individual major medical plans that are grandfathered under the federal Affordable Care Act (ACA).
Grandfathered status means the plans were marketed before March 23, 2010, the date the ACA was enacted, and do not have to comply with the ACA mandates if there have been no major changes to coverage or benefits since then.
There are approximately 2,300 these grandfathered Golden Rule policies currently in effect in Connecticut.
In its filing, Golden Rule identified several factors leading to the increase request. They include rising medical costs and an increase demand for medical services. “The number of office visits and others services continue to grow,” the company stated in its filing. “Patients who are sicker generally have a higher intensity of health care utilization.”
Golden Rule also is accounting for fees and taxes associated with the ACA and a shift of the cost difference to private health plans noting that “Medicare and Medicaid rates to hospitals are expected to decline.”
If approved, the new rates will take effect March 1, 2015.