Premiums for the 55,000 people who buy Anthem Blue Cross and Blue Shield health plans through the state’s individual market will rise by an average of 2.4 percent next year, while ConnectiCare Insurance Company’s 34,400 customers will see an average rate hike of 8.5 percent.
Both companies sought higher increases, but the Connecticut Insurance Department deemed their proposed rates excessive and required the companies to revise their proposals.
Similarly, Golden Rule, which covers 3,414 people, sought an 18.5 percent rate hike but, after revising it based on the regulator’s findings, will instead raise rates by 1.1 percent.
The requests by Anthem, ConnectiCare and Golden Rule were subject to a July public hearing.
Other rate changes for 2016 individual-market plans – which cover about 167,000 people in the state – were finalized last month. Most companies will be allowed to raise rates, but by less than they originally requested.
One company, ConnectiCare Benefits – which sells plans through the state’s health insurance exchange, Access Health CT – must lower its rates an average of 1.3 percent, while insurer HealthyCT was directed to raise its rates by more than the company sought after the insurance department determined its proposed rates were inadequate.
ConnectiCare sells plans through three separately licensed companies, each of which has a separate risk pool and rate request.
The weighted average rate change among individual market plans – based on the market share of each company – is an overall 3.5 percent increase.
The extent to which an individual customer’s premium changes next year will be based on the person’s specific plan and whether he or she receives federal subsidies to discount the cost of coverage. For those who get subsidies, the approved rate changes won’t translate directly into premium changes.
|Company||Proposed||Approved||Range||People covered||On/off exchange|
|Aetna||5.60%||1.40%||0% to 3.8%||7,291||Off|
|Anthem Blue Cross and Blue Shield||4.70%||2.40%||-2.7% to 6.94%||55,000||Both|
|Cigna||14.27%||9.55%||3.4% to 24.7%||660||Off|
|ConnectiCare Benefits Inc.||0.70%||-1.30%||-7.0% to 3.3%||39,850||On|
|ConnectiCare Insurance Co.||9.80%||8.50%||4.4% to 12.9%||34,400||Off|
|Golden Rule||18.50%||1.10%||-5.9% to 6.01%||3,414||Off|
|HealthyCT||3.43%||7.20%||-10.5% to 14.3%||23,485||Both|
|UnitedHealthcare||32.90%||21.70%||3.2% to 30%||712||Off|
|UnitedHealthcare||11.40%||5.50%||0.5% to 14.5%||1,686||On|