Connecticut Health Insurers Want More of Your Money in 2024, But Less Than in 2023
The 2024 rate proposals for the individual market are on average lower than last year while the small group market are on average the same as last year.
The proposed average for individual rate requests is around 12.4% while the average for small groups is around 14.8%.
There are still just three carriers participating in the individual marketplace,
ConnectiCare Benefits said in its rating filing that it needs to increase the cost of insurance to comply with two law passed last year that require breast and ovarian cancer screenings and another that requires the carriers to provide coverage for two mental health wellness examinations per year for children.
All three carriers say the pent-up demand of health services following the pandemic have subsided. However, they say the reduction in Medicaid benefits following the pandemic will add to the morbidity of new patients coming onto the rolls for private health insurance carriers.
The 30-day public comment period for all filings started on
"The review process will delve deeply into each submission, requiring insurers to provide justifications and supporting evidence," insurance department officials said in a statement. "As always, our rate reviews will be comprehensive, continuing our ongoing efforts to promote transparency and accountability. By utilizing various tools, such as benchmarking and other industry best practices, we strive to maintain a fair and competitive insurance market while prioritizing the interests of consumers."
THEY SAID IT …
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