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 companies that sell policies on and off Connecticut’s Affordable Care Act exchange are seeking an average increase of 20.4% on individual health plans next year, alarming advocates who fear people will forgo insurance because they can’t pay.
The rate hike requests were released by the state Insurance Department Friday. On small group plans, the carriers are asking for an average increase of 14.8%.
The requested increases are substantially higher than those sought last year for 2022 health policies. Carriers in 2021 asked for an average hike of 8.6% on individual plans and 12.9% on small group plans.
“It’s jaw dropping,” said Lynne Ide, program lead for communications outreach and engagement at the Universal Health Care Foundation of Connecticut. “Looking at these rate requests, the ranges are off the charts.
“Our big concern right now is, coupled with inflation and the fallout from COVID, these proposed increases spell trouble.