Hearing on Health Insurance Increase Request
Posted on August 15, 2023
Hartford — An informational public meeting is being held later this month on 10 rate filings from 9 health insurers for 2024 plans both on and off Access Health CT, the state’s federal Affordable Care Act exchange. The public informational meeting will be held in a hybrid format, both in person at the Legislative Office Building, in Hartford, and online at CT-N.
The insurers are seeking an average hike of 12.4% on individual health plans next year and 14.8% on small group plans.
This is simply unaffordable. Wages haven’t increased 12% in the past year and these requests will further burden Connecticut families. The Insurance Department doesn’t always automatically grant the full request, but any increase in fees places an added strain on residents at a time when Connecticut should be doing what it can to reduce costs for families.
Meeting Date: Monday, August 21, 2023
Time: 9:00 AM
Requested Rate Increase Details: Proposed increases can be found here.
Anyone wishing to speak virtually at the meeting via Zoom can sign up by sending an email to cid.RateFIlings@ct.gov with your name and written comments attached no later than Friday, August 18, 2023, at 5PM.
Anyone who wants to speak in person can sign up on the morning of August 21 at the Legislative Office Building beginning at 8:30AM.
Written comments are also being accepted.
The Insurance Department will review each filing to determine if they are justified and will either approve, reject, or modify the request, with a final ruling likely in early September.
Open enrollment for the 2024 coverage year begins November 1, 2023.
Carriers have attributed the proposed increases to:
- Trend: Trend is a factor that accounts for rising health care costs, including the cost of prescription drugs and the increased demand for medical services.
- Experience: Experience adjustment necessary to reflect deteriorating claim experience from the prior rating period to the current rating period.
- Medicaid Unwinding: The impact to the current commercial market due to Medicaid unwinding.
- Legislation: The impact of bills passed in 2022, such as Public Act 22-90 (expanded coverage mandates for certain procedures used to treat or prevent breast and/or ovarian cancer) and PA 22-47 (requires coverage of two mental health wellness examinations per year, coverage for emergency access to DCF-licensed urgent crisis center services)