Connecticut Attorney General William Tong is criticizing the rate increases being sought by the insurance companies participating in Access Health CT, the state’s health insurance exchange.
A total of nine health insurers made 10 filings to participate in the open enrollment period for coverage in 2024, which begins Nov. 1. Insurers looking to participate in the health insurance exchange had until June 1 to submit their rate proposals.
Tong said that according to officials at the Connecticut Insurance Department, the proposed average individual rate request represents a 12.4 percent increase, compared to 20.4 percent in 2023. The proposed average small group rate request is a 14.8 percent increase, which is the same increase as in 2023.
Tong described the requested rate increases as “simply unaffordable for too many Connecticut families, individuals and businesses.” There about 180,000 people currently covered by insurers participating in the exchange.
“We are thoroughly scrutinizing these filings and expect to play an active role in this process,”Tong said.
Jim Carson, a spokesman for the Connecticut Department of Insurance said now that insurers have submitted their proposed rates, the agency’s actuarial team will spend the next two months reviewing the details of the filings. Agency officials will hold a public hearing in late August to get testimony from officials of the companies as well as to get public input, Carson said.
Department officials will issue a ruling on the rate requests in early September, he said.
In making their filings, the participating carriers have attributed the proposed increases to rising health care costs, including the cost of prescription drugs and the increased demand for medical services. In addition, the insurers claim the current commercial market is a factor, particularly as it relates to Medicaid.
Wallingford-based Anthem has filed rates for both individual and small group plans. ConnectiCare has filed rates for the individual market on the exchange, but has decided to leave the small employer market and will no longer offer new business small group health plans.
Trumbull-based Oxford Health Plans, Cigna, United Healthcare and Aetna all made filings with state officials for small group coverage that will not be part of the health insurance exchange.
