The Connecticut Insurance Department (CID) authorized double-digit rate hikes for a number of state health insurance providers.
According to a CTNewsJunkie.com report, the will increase common 12.9% and are decrease than the common improve of 20.4% on particular person plans that the providers sought. Insurance Commissioner Andrew Mais acknowledged the rate hikes had been mandatory within the wake of “skyrocketing” health care prices.
“The unit cost of hospital inpatient and outpatient care has risen about 9% per year,” Mais stated. “Prescription drug prices have risen even higher. The rates announced today will continue to protect consumers from inflationary pricing and unwarranted profits while ensuring Connecticut residents have access to a stable, competitive health insurance market. But we must examine other available avenues to reduce overall costs and keep care, and this insurance, affordable.”
However, Attorney General William Tong criticized the choice.
“These double-digit rate hikes – among the highest in the country – will only make that worse,” Tong stated. “While I appreciate that CID did impose substantial reductions to the requested rate hikes, this process was far too compressed and far too limited to allow for sufficient scrutiny.”