Health Insurance Rate Filing - Anthem Health Plans, Inc. (Small Group)
Rate Request: Average increase of 6 percent for plans on and off exchange
Decision: Under Review
Public Comment Period: June 6 to June 26, 2014
On June 4, 2014, Anthem Health Plans, Inc. filed a rate request for an average 6 percent increase on small group health plans for employers with 50 or fewer workers. The proposed rates are for plans marketed on and off the state’s health insurance exchange and would take effect January 1, 2015. The plans provide coverage for approximately 70,000 employees and their dependents.
Anthem notes that the plans meet all the Essential Health Benefits criteria mandated under the federal health care reform law.
The company is projecting that from Feb. 1, 2015 to Jan. 3, 2016, the costs of medical services and demand for those services, known as “trend” will account for an 8.5 percent impact over the current rates. The price projection also includes the cost of adding benefits for pediatric dental and vision services. In its filing, the company stated that its “goal is to price to the average risk of the 2015 ACA market.”
Because small group business renews on a quarterly basis, Anthem stated that subsequent rate changes may be requested on a quarterly basis.
Content Last Modified on 6/5/2014 11:54:37 AM