Rate Filing: Initial filing
Decision: Approved on August 5, 2013
On May 20, 2013, ConnectiCare Benefits, Inc. made an initial rate filing for individual health plans it intends to market through Access Health CT, the state’s health insurance marketplace, beginning January 1, 2014.
The company is basing its claims costs on existing data from its claims experience of its individual plans currently marketed in Connecticut. The company stated that the plans will meet all the Essential Health Benefits criteria mandated under the federal health care reform law.
After a thorough actuarial review, the Insurance Department approved the rate filing as submitted, on August 5, 2013. The Department determined, based on historical data and new network contracting, that the 4.55 percent annual trend assumption is appropriate and that the resulting rates are neither excessive, inadequate, nor unfairly discriminatory.
The monthly base rate for each standard metal plan in the exchange, prior to making adjustments for age and geographic area, is in the table below:
These amounts are also prior to any federal premium subsidy, if applicable.