August 2, 2021

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Well being insurance policies industry asks for 12.9% hike in 2022 tiny group rates

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The 10 wellness insurers planning to offer group and individual overall health designs in Connecticut in 2022 are asking for larger boosts than they did a yr ago.

The annual crop of price filings for traditional totally insured strategies, which include 222,700 men and women in the point out, contained an normal asked for boost of 12.9% for the modest group industry (employers with underneath 50 personnel) and 8.6% for the specific market place.

The yearly requests, which are matter to the approval of (and probable modification by) the Connecticut Coverage Section, had been 11.3% and 6.3%, respectively, last calendar year.

CID in the long run made a decision the 2021 will increase were being not justified, and diminished them to an ordinary of 4.1% for tiny groups and .01% for persons.

The freshly requested raises for little group guidelines having impact Jan. 1, 2022 range from 7.4% to 15.8%, while the proposed hikes for particular person strategies selection from 5.1% to 12.3%, CID explained.

The filings cover insurance policies both off and on the state’s insurance trade, Obtain Overall health CT.

CID said that carriers attributed the boosts to a selection of elements, which include mounting health care expenditures and demand for health care services, the impact of new rules mandating coverage for different conditions and the impacts of COVID-19.

The pandemic, carriers explained to CID, is expected to lead to better morbidity and severity of statements because of to delays in received professional medical care. A wave of pent-up demand from customers for overall health care is predicted to hit in the coming calendar year, as is an predicted increase in behavioral well being disorder.

CID Commissioner Andrew N. Mais will make last rulings on the request in September.

“Working within the authority granted to this office, we will intently examine these filings to make sure the asked for charges are consistent with condition regulation,” Mais mentioned in a assertion.

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