State Makes Decisions on Health Insurance Rate Increases - NBC Connecticut

State Makes Decisions on Health Insurance Rate Increases

    processing...

    NEWSLETTERS

    On the Road Again
    Getty Images
    BERLIN, GERMANY - SEPTEMBER 05: A doctor checks a patient's blood pressure on September 5, 2012 in Berlin, Germany. Doctors in the country are demanding higher payments from health insurance companies (Krankenkassen). Over 20 doctors' associations are expected to hold a vote this week over possible strikes and temporary closings of their practices if assurances that a requested additional annual increase of 3.5 billion euros (4,390,475,550 USD) in payments are not provided. The Kassenaerztlichen Bundesvereinigung (KBV), the National Association of Statutory Health Insurance Physicians, unexpectedly broke off talks with the health insurance companies on Monday. (Photo by Adam Berry/Getty Images)

    The state Insurance Department has made decisions on the health insurance rate filings for the 2019 coverage year and said the average increase for individual plans is 2.72 percent, down from average request of about 12 percent.

    A statement from Insurance Department says the average increase for small group plans is 3.14 percent, down from the requested average of just over 10 percent.

    “Medical trend - the cost of medical services and the demand for those services - continues to be the main cost driver and we need to work with all stakeholders to reduce the cost of health care, which drives increases in health insurance premiums,” Commissioner Katharine L. Wade said in a statement. “For the first time there will be more choice of innovative networks and plan cost sharing options for consumers on the exchange. The Department has worked closely with the Access Health CT Board and the exchange carriers to ensure a variety of meaningful options. Providing greater choice to consumers is important so they can choose a plan that best meet their individual and family needs.”

    The commissioner said carriers also accounted for the cost of new state mandates and added pregnancy as a qualifying event to enroll in health insurance in the individual market. 

    Factors contributing to the final rate decisions included a limited impact from lack of enforcement of the Affordable Care Act’s individual mandate. They said the department determined there would be a marginal impact from the federal government’s new regulations for short-term, limited-duration health plans and association health plans.

    Get the latest from NBC Connecticut anywhere, anytime