The Connecticut Insurance Department approved an average increase of 3.65% for individual plans and 9.19% for small group plans for the 2020 coverage year.
The approved average increases were smaller than what the carriers initially sought. The average requests were 7.78% for individual plans and 11.98% for small group plans.
The department approved, on average, a 6.5% increase for Anthem Health Plans' individual plans on- and off-exchange, and an average increase of 14.3% for its small group plans on- and off-exchange, for employers with 50 or fewer workers. For ConnectiCare Benefits Inc., an average increase of 2.0% for individual plans on the exchange and an average increase of 4.8% for small group plans on the exchange were approved.
For off-exchange plans in the individual market, the department approved an average rate decrease of 7.9% for ConnectiCare Inc. and an average rate increase of 9.7% for ConnectiCare Insurance Co. Inc.
In the small group market, the department approved an average rate of 11.1% for Aetna Life Insurance Co., 2.5% for ConnectiCare, 2.9% for ConnectiCare Insurance, 7.1% for Harvard Pilgrim Health Care of Connecticut Inc. and HPHC Insurance Co. Inc., 8.9% for Oxford Health Plans (CT) Inc., and 8.4% for Oxford Health Insurance Inc. and UnitedHealthcare Insurance Co.
Insurance Commissioner Andrew Mais said the medical trend, a factor that consists of rising healthcare costs and increased demand for medical services, is rising at about 8.2%. The reinstatement of the federally mandated health insurer tax, accounting for an average of 3.0% or about $53 million in additional premium, as well as the results of the Centers for Medicare and Medicaid Services' risk adjustment data validation audit also contributed to the final rate decisions, according to the regulator.
