Health Insurance Rate Filing - Aetna Life Insurance Company (Small Group Indemnity)
Rate Request: New Product Filing
Decision: Under Review
Public Comment Period: August 30, 2013 to September 19, 2013
On August 29, 2013, Aetna Life Insurance Co. submitted a rate filing for a new health insurance indemnity plans that will provide major medical and prescription drug coverage for small group and will include the Essential Health Benefits as required under the federal Patient Protection and Affordable Care Act (PPACA).
The company intends to market the plans outside of Access Health CT, the state-sponsored health exchange, but said the plans will conform to all applicable state laws and those of PPACA.
Because this is a new product with no market experience in Connecticut, the company calculated the rates based on its claims cost experience from small group plans issued in other states. In building the rate for this product, the company looked at the cost of medical services and demand for those services in 2012 – factor known as “trend” – and projected they would increase at an annual rate of about 8.75 percent.
The Department does not have statutory authority to approve or deny rates for small group indemnity businesses and is conducting an actuarial review only of the filing as part of the federal health care reform requirements.
Content Last Modified on 9/5/2013 3:12:46 PM