HARTFORD, Conn. (WTNH) – A public hearing will be held on Monday to discuss insurance rate hikes, as some major companies are proposing increases of more than 20%.
It is not uncommon for insurance companies to request rate increases, according to officials. It is uncommon, however, for those increases to be as high as 25%. But that’s what some companies are asking for.
They need approval in order to do that, and Monday’s public hearing is one step in that direction. Anthem, CT Care, and Connecticare are all looking for major increases.
CT Care and Connecticare are looking for 24-25% jumps in rates on individual policies that cover tens of thousands of people. That has raised both state and federal alarms.
“The health insurers want to add to the burdens of consumers recklessly, unnecessarily, and unconscionably. They don’t need this rate increase, they have record profits,” said Senator Richard Blumenthal (D – Connecticut).
But, insurance companies are worried about the future. Officials at these companies said they are going to need these rate hikes to cover increases in both medical and pharmaceutical costs.
Health care advocates are worried some people will simply go without insurance because they simply can’t afford it. Democratic lawmakers will hear from the companies and the public at Monday’s public hearing.
The meeting will be held at the Legislative office building in Hartford. Officials said sign-up starts at 8:30. You can also view the entire hearing online.
