Connecticut small businesses looking to renew their health insurance plan with Aetna for the first quarter of 2011 could see an average rate hike of 17 percent, if the Hartford-based insurer gets regulatory approval for its latest rate increase request.
In an Oct. 8 filing with the Connecticut Insurance Department, Aetna has proposed average 16.6 percent to 17.2 percent rate increases for its for policies sold to small employers in Connecticut.
Aetna is also requesting an average 16.1 percent increase on its small group high deductible health plans, which are becoming increasingly popular among Connecticut employers.
The proposed rate changes would apply to both new business and renewal policies during the first quarter of 2011.
Aetna has roughly 29,700 small group members in Connecticut.
Aetna has been seeking quarterly rate adjustments based on rising medical costs. Small employers renewing their policies with Aetna in the fourth quarter of this year will likely see an average rate hike of 18 percent. The company has already received approval from the Connecticut Insurance Department for that rate increase.
Aetna spokeswoman Susan Millerick said the “changes in our rates for these groups are primarily related to the cost of health care services in Connecticut, in terms of both the cost of the services provided to our members, as well as our members’ increased use of health care services. For example, we are seeing hospital cost increases alone in the low teens, coupled with increasing provider, pharmaceutical and new technology costs.”
