The Connecticut Insurance Department reduced about half of health insurers’ rate requests for 2018 health plans next year, according to figures today from the department.
Of the 14 filings made by 10 health insurers for plans that cover about 270,000 people, six were disapproved and reduced, five were approved as submitted and one was disapproved and increased.
But the bottom line is, many individuals and small employers across the state will see higher — in some cases much higher — health insurance costs in 2018.
The rate filing proposals included small group employer and individual health plans sold on and off the state’s insurance exchange, Access Health CT.
The largest approved average rate hike for off-exchange plans sold to employers with 50 or fewer workers, was 24.9 percent for a health plan sold by Harvard Pilgrim Health Care. The smallest rate increase was 3.6 percent for a plan sold by UnitedHealthcare Insurance Co.
For small employer plans sold on the exchange, Anthem received approval for an average 25.4 percent rate increase.
Approved average rates for individual plans sold on the exchange ranged from 31.7 percent for a plan sold by Anthem to 27.7 percent for a plan sold by ConnectiCare.
Individual plans sold off the exchange will see average rate increases that range from 23.5 percent to 27.8 percent.
The department said key cost drivers for the 2018 rates were higher costs for medical services, revival of a health insurance tax and a lack of clarity about future funding of Cost Sharing Reduction payments to insurers.
