CID: Health Insurance Rate Filing - Harvard Pilgrim Health Care of CT (Large Group HMO)

Health Insurance Rate Filing - Harvard Pilgrim Health Care of CT (Large Group HMO)

Rate Request: 15.3 percent increase

Decision: Approved April 2, 2018

On March 1, 2018, Harvard Pilgrim Health Care of Connecticut filed a request to increase rates an average of 15.3 percent for large group major medical plans. These are policies for employers with 51 or more workers.

There are approximately 65 people covered under these policies currently in force in Connecticut. This rate will also be applied any new policies sold after July 1, 2018.

The company stated it requested the increase to account for a 10.3 percent change in the “trend,” a pricing factor reflecting medical inflation and an increased demand for medical services. The pricing also takes into account taxes and fees associated with the federal Affordable Care Act.

After an actuarial review, the Department determined that the company’s assumptions were appropriate. The Department also determined that the pricing would meet the federally mandated 85 percent threshold for claims costs for large group business, meaning the company is expected to spend 85 cents of every $1 of premium on medical costs. As a result, the Department approved the requested increase on April 2, 2018.

The new rates will take effect July 1, 2018.


Find the filing, brief summary and public comment section here at Health Insurance Rate Filing

Content Last Modified on 4/3/2018 2:55:41 PM