Health Insurance Rate Filing - ConnectiCare, Inc. (Individual HMO)
Rate request - 1.7 percent increase
Decision - Approved March 4, 2013
On February 4, 2013, ConnectiCare, Inc. filed a request to increase rates 1.7 percent on SOLO individual health insurance policies. This requested increase does NOT apply to SOLO policies sold between October 2009 and December 2011.
The company requested the increase to account for the impact of federal taxes and regulatory fees of the federal Affordable Care Act (ACA). The taxes and fees take effect January 1, 2014 and the policies in question will be in force at that time. The company said the requested adjustment will allow the company to pro-rate for the federal costs.
After an actuarial review, the Department ruled that the companyís data supported its request and approved the small increase on March 4, 2013. The pro-rated mechanism was determined to be actuarially sound and consistent with the Departmentís view.
The new rates take effect April 1, 2013 and will affect 78 policies in Connecticut.
Content Last Modified on 3/4/2013 6:01:01 PM