Insurance prices will change in 2016 for the nearly 170,000 Connecticut residents who buy their own health plans. So what will people be paying? Here’s a look, broken down in two ways.
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.
Most insurance companies selling health plans in the state’s individual market will get to raise customers’ premiums in 2016, but not by as much as they proposed, and one major carrier will have to lower its rates, according to decisions released by the Connecticut Insurance Department Saturday.
High-cost specialty drugs, including a new class of cholesterol medications expected to come to market later this year, are key drivers of the need to raise health insurance premiums by nearly 10 percent, ConnectiCare’s chief actuary told regulators Monday
The Obama administration is urging state insurance regulators to take a closer look at rate requests before granting them, and used one Connecticut company’s recent rate proposal to bolster its case.
“Can you give us a break? I’m trying to provide the best health care for my kids and you make it more difficult each year!” one customer wrote to the Connecticut Insurance Department. “I might as well just drop insurance altogether. This is so discouraging.”
In filings with state regulators, the companies cited varying reasons for lowering their proposed rate hikes for 2016 – ranging from lower claims costs to plans to cover a narrower network of health care providers.
Wondering if your health insurance company wants to raise your rates next year? Here’s a list of Connecticut’s individual market plans and how their rates would change if regulators approve the companies’ proposals for 2016.
Insurance companies selling health plans through the state’s health insurance exchange are seeking to raise rates next year, with average increases between 2 percent and nearly 14 percent. But the companies are expecting the medical needs of those newly insured under the federal health law to stabilize.