SEN. GORDON OPPOSES HEALTH INSURANCE RATE HIKES

The following information was released by the Connecticut State Senate Republicans:

State Senator Jeff Gordon (R-Woodstock) today strongly criticized the Connecticut Department of Insurance's decision to approve double-digit health insurance rate increases for 2025.

"These huge rate hikes are wrong," said Senator Gordon, "The cost of living in Connecticut is too high for too many people. Working families, seniors, and individuals are already stretched thin, and this decision only makes it harder for families to thrive in our state."

Earlier this month, the Department of Insurance approved steep increases for individual and small group health insurance plans offered by major carriers, including Anthem and ConnectiCare.

Anthem requested a 14.2% average rate hike for individual policies (later adjusted to 18.6%), covering 83,790 residents. The department approved a 13.6% average increase, with some plans rising as much as 22.5%.

For small group plans covering 48,666 residents, Anthem was granted an 11.2% average hike after requesting 13.2%.

ConnectiCare sought a 26.1% increase (later adjusted to 34.5%) for individual plans covering 3,685 residents. The department approved a 20.3% increase.

CTCare Benefits, which covers 70,160 residents, requested a 21.7% increase (adjusted to 28.5%) and received approval for a 20.6% hike.

"These aren't just numbers, these are real people," Senator Gordon added. "As a State Senator and as a doctor, I hear directly from families who are making impossible choices between medications, housing, and groceries. Wages and retirement accounts are not keeping up with inflation. These rate hikes are not sustainable."

While acknowledging the complexity of health care pricing, Senator Gordon called for a reevaluation of how the state regulates and challenges rate increases.

"There's no one-size-fits-all solution, but we have to get serious about what can be done," he said. "Every year, we see these increases rubber-stamped. That must change."

Senator Gordon pointed to bipartisan work done in the most recent legislative session as a step in the right direction.

"This year, I worked across the aisle to take on Pharmacy Benefit Managers, the middlemen who skew medication pricing and rake in billions in profits," he said. "We passed and signed into law a major Prescription Drug Pricing bill to bring more transparency and accountability. That's progress, but it's just a start."

In 2024, Elevance Health, the parent company of Anthem Blue Cross and Blue Shield, reported $5.98 billion in net income.

"When insurers are posting multi-billion-dollar profits while families are facing 20% premium hikes, something is clearly out of balance," said Senator Gordon. "The people of Connecticut deserve better."