healthcare advocate

Health Insurance Companies Request Average 20.4% Rate Hike For 2023

Insurance Department chart of rate hike requests for health insurance plans offered on Connecticut's health insurance exchange.
Insurance Department chart of rate hike requests for health insurance plans offered on Connecticut’s health insurance exchange. Credit: Screengrab / Connecticut Insurance Department

Nine insurance companies have asked the state Insurance Department to approve double-digit rate hikes for individual and small business health insurance plans that start in 2023. The proposed average individual rate request is a 20.4% increase compared to 8.6% in 2022.

The department “has received 13 rate filings from nine health insurers for plans that will be offered on the individual and small group market, both on and off the state-sponsored exchange, Access Health CT,” Insurance Department Commissioner Andrew Mais said. “Working within the authority granted to this department, we will closely examine these filings to make sure the requested rates are consistent with state law.”

ConnectiCare Benefits is proposing an average 24.1% increase for its individual plans offered on the exchange. 

Insurance Department chart of rate hike requests for off-exchange <a href=health insurance plans in Connecticut.”
Read the rest