CID: Health Insurance Rate Filing - ConnectiCare Inc. (Large Group)

Health Insurance Rate Filing - ConnectiCare Inc. (Large Group)


 
Rate Request: Overall average 3.3 percent
 
Decision: Disapproved, limited to a 2.9% average increase
 

On October 4, 2018, ConnectiCare, Inc. filed a request to increase premium rates an average of 3.3 percent next year on some large group health insurance plans. These are medical policies for employers with 51 or more workers.

The company states the increase is necessary to account for a 10.1 percent impact from the increasing cost of medical services and a greater demand for those services, a factor known as “trend.” The company also is making adjustments for fees associated with the federal Affordable Care Act.

After an actuarial review, the Department determined that the company calculation of a 15.6 percent impact due to pharmacy trend was excessive and that a more appropriate impact should be 12.1 percent. As a result, the Department disapproved the initial rate request and instead approved an average increase of 2.9 percent on October 31, 2018.

The new rates take effect January 1, 2019 for plans that cover about 29,000 employees and their dependents in Connecticut.

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


Content Last Modified on 10/31/2018 2:38:15 PM