CID: Health Insurance Rate Filing - Anthem Health Plans, Inc. (Small Group)

Health Insurance Rate Filing - Anthem Health Plans, Inc. (Small Group)


Rate request – Initial Filing
Decision – Reduced initial request, issued final approval on August 5, 2013
On June 3, 2013, Anthem Health Plans, Inc. made an initial rate filing for small employer group policies (between 1-50 employees) that it intends to market through Access Health CT, the state’s health insurance marketplace, beginning January 1, 2014.  The rate filing also is for plans that Anthem intends to market outside Access Health CT.
 
Anthem stated its claims costs are fully based on existing data from its claims experience of its individual plans currently marketed in Connecticut.  The company explained the new plans marketed through Access Health CT will meet all the Essential Health Benefits criteria mandated under the federal health care reform law. Anthem also said the rates also take into account other mandates related to the federal law such as guaranteed issue and new ratings rules, minimum actuarial value of 60 percent and taxes and fees. In addition, the company is projecting that costs of medical services will increase 8.6 percent over the next year.
 
Anthem said it intends to comply with all current laws and guidance.
 
After a thorough actuarial review, the Connecticut Insurance Department made a number of reductions and revisions in the company’s filing. Specifically, the Department:
  • Reduced the annual trend from 8.57% to 6.5%
  • Reduced the exchange fee from 1.48% to 1.35%
  • Removed the 2.9% adjustment for early renewals. 
As a result of the aforementioned adjustments, the Department determined that the resulting rates are neither excessive, inadequate, nor unfairly discriminatory and on Aug. 5, 2013, approved the filing.
 
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:
 
 Metal Tier
 Monthly Premium
 Gold
 $ 407.37
 Silver
 $ 351.42
 Bronze
 $ 277.95
 
 
These amounts are also prior to any federal premium subsidy, if applicable. 
 
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Find the filing, brief summary and public comment section here at Health Insurance Rate Filings


Content Last Modified on 8/5/2013 3:58:28 PM