Connecticut small businesses could be hit with double-digit rate increases next year on their health insurance benefits if regulators approve several rate requests made by insurers.
Insurers Anthem Health Plans, ConnectiCare and Aetna Inc. have all asked permission from the state Department of Insurance to raise rates on small business plans in the state by at least 12.8 percent.
Anthem requested a 13.8 percent rate hike, which, if approved by regulators, would go into effect Jan. 1 and impact 36,000 policyholders that provide coverage for 65,000 employees and their dependents, regulatory filings show.
Farmington insurer ConnectiCare has asked for a 13.5 percent rate hike on its small business plans covering about 52,000 residents.
Meanwhile, Hartford insurer Aetna asked for a 14 percent rate increase on its small business plans, but regulators rejected the application and approved a smaller 12.6 percent rate increase.
Oxford Health Plans, a Trumbull division of UnitedHealth Group, asked for the smallest rate increase of 8.7 percent on its small group plans that have 13,355 policyholder covering about 21,000 employees and their dependents.
The insurers say the hikes are necessary to cover rising costs tied to federal health care reform and new state mandates. In particular, insurers say the new federal women’s health mandates, which include providing free contraception, as well changes to cost-sharing and taxes are also increasing costs.
