The Connecticut Insurance Department plans to seek a court order to liquidate insurer HealthyCT at the end of the year, after an appointed overseer’s report that the nonprofit company – created with federal funds made available through Obamacare – is insolvent.
It has been a tumultuous year for Connecticut’s state health insurance exchange, but the latest – and most significant – blow could come Monday if its largest insurer decides not to offer plans next year.
In the wake of a state order halting new enrollment in Connecticut’s co-op health insurer, HealthyCT, the state’s health insurance exchange faces growing challenges as it prepares to lose two of its four carriers.
About 40,000 people will lose their health insurance in the coming months as a result of a state evaluation that has deemed the financial health of Connecticut’s nonprofit health care co-op unstable.
Updated at 6:50 p.m.
In all, 116,019 Connecticut residents signed up for private insurance through the state’s health insurance exchange, Access Health CT, during the open enrollment period that ended last week, officials said Monday.
ConnectiCare continues to lead the market among customers of Connecticut’s health insurance exchange, with 52 percent of the nearly 109,000 people signed up so far for 2016 coverage.
More than 5,400 new customers have bought private insurance through the state’s health insurance exchange since Nov. 1, a group that includes more young adults and more people who qualify for subsidized coverage compared to the current customer base.
The nonprofit insurer lost $28 million in 2014 and, as of June 30, had lost $9.5 million this year. CEO Ken Lalime said early losses are not unusual for a new company, and said HealthyCT has the capital to get through the initial, unprofitable years.
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.
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.
ConnectiCare Benefits Inc. has the largest share of the market so far among new customers signing up for insurance coverage through Connecticut’s health insurance exchange, Access Health CT.
Will you be buying your own health care coverage for next year? Here’s a look at what you need to know about the prices and plan options.
Data from the Connecticut Insurance Department show that more than half the people who bought their own health insurance last year have maintained their old policies. But more than 50,000 of them won’t be able to keep their health plans beyond this year, potentially setting up a repeat of last fall’s turmoil and frustration among people whose policies were discontinued.
The Connecticut Insurance Department rejected Anthem Blue Cross and Blue Shield’s request to raise individual-market premiums by an average of 12.5 percent next year, deeming the proposal excessive and directing the carrier to submit new rate proposals for review.
Republican leaders say constituents have had their policies canceled because of problems with the state’s Obamacare exchange. Their claim isn’t entirely accurate, but people involved in insurance administration say problems are causing some people to lose coverage.