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CT insurance department signs off on small rate increases

The insurance department stored plan charges principally flat, regardless of requests for increases.

State officers introduced Friday that they’ve stored charges for insurance policies on Connecticut’s well being insurance alternate primarily flat subsequent 12 months, regardless of bigger increases sought by two carriers.

Anthem Health Plans had asked for a 9.9% common enhance in its particular person plans, which serve 22,071 individuals by means of Access Health CT, the state’s alternate. The insurance department approved a rise of 1.9%.

Anthem additionally sought a 9.5% common hike for its small group insurance policies, which serve 25,500 individuals. The insurance department accredited a rise of two.6%.

ConnectiCare Benefits Inc. asked for a mean hike of 5.5% in its particular person plans on the alternate, which cowl 75,174 prospects. The insurance department signed off on a lower of 0.1%.

ConnectiCare had additionally prompt that premiums for its small group plans on the alternate drop by 0.2%. The insurance department as an alternative accredited a lower of 4.1%. About 250 persons are on these insurance policies.

The insurance corporations had pointed to rising medical prices and a better demand for providers when pursuing the upper charges.

“We remain extremely mindful of the impact that rate increases have on our members and have taken every possible step to keep our plans as fairly priced as possible within the reality of today’s health care environment,” Kimberly Kann, a spokeswoman for ConectiCare, mentioned in July after the corporate submitted its request for increases. “Our proposed rates are based on several factors, including medical and pharmacy cost trends, along with the uncertainty and impacts of COVID-19 on our members’ expected utilization of services.”

Officials with the state’s insurance department mentioned they found the cost assumptions to be “excessive” and famous that the COVID-19 pandemic has led to decrease utilization of providers, together with elective procedures.

“Working on behalf of consumers, the department was able to reduce the health insurance rate increase requests thanks to the hard work of our actuaries and professional staff,” mentioned Andrew Mais, the state’s insurance commissioner. “I will continue to work collaboratively with all stakeholders to find long-term solutions while continuing to promote access and eliminate barriers to coverage here in Connecticut.”

Open enrollment for the 2021 protection 12 months begins Nov. 1.

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