Rate review season is in full swing – What does that mean for you?
Rate requests from insurers were made public by the Connecticut Insurance Department July 20, 2018, with an accompanying statement from Insurance Commissioner Katharine Wade. While requested rate increases this year are less than last year, a rate increase still impacts individuals and small businesses.
What do these rate requests mean for me?
First, it’s important to note that these rate increase requests apply to individual and small group health insurance plans.
Individual plans are the plans that you can purchase on Access Health CT (our state exchange) or off the exchange, sometimes through an insurance broker, or calling the insurance company directly.
- If you buy individual insurance on Access Health CT and receive financial help to pay your premium, the financial assistance will usually help cover the increase in premiums – but you should always look at your options every year to make sure you’re getting the best plan for you and your family.
- If you do not qualify for financial assistance, then, yes – a rate increase means that your premiums will go up next year. You should also look at other options both on Access Health CT and off the exchange to make sure you get the best plan for you and your family.
Small group plans are plans that serve small businesses with less than 50 employees. So if you work for a small business like this, and get your health insurance through your job, rate increases will impact the cost of insurance. How this works specifically at your job is a question for your human resources department, as every employer handles this differently. Keep in mind, they might not know exactly the impact until rates are final.
August 17, 2018 – Deadline for submitting public comment
If you want to submit public comment on a rate request for specific plans – especially if the plan is the one you are enrolled in – the public comment period has already begun and lasts for 30 days, so getting it in by August 17, 2018 is your best bet.
Wednesday, September 5, 2018 at 10am – Informational hearing on rate filings
We’re still not sure which rate filings will be discussed at this hearing – so as we learn more, we’ll share ways for you to have your voice heard.
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