Rate Filing: 13.6 percent decrease for plans on and off exchange
Decision: Under Review
Public Comment Period: June 6 to June 26, 2014
On June 2, 2014, HealthyCT, Inc., a licensed Consumer Operated and Oriented Plan, established under the federal health care reform law, has requested a 13.6 percent rate decrease for small group indemnity plans it is marketing both in and out of Access Health CT, the state-sponsored health insurance marketplace.
The plans are used by employers with one to 50 workers.
Since HealthyCT is a relatively new carrier with no credible claims cost experience, its consulting firm Milliman developed the rates by using models and data sources, such as 2014 premium rate market research and publicly available 2014 rate filings, to price out the average cost per service.
The Insurance Department does not have statutory authority to approve or deny rates for small group indemnity businesses. This type of filing is subject to review as part of requirements of the federal health care reform law.
The new rates will affect policies that provide coverage for about 6,400 people beginning January 1, 2015.