What?! Health Insurers Ask for Double-Digit Increases
Warm summer days are here, and I bet you are not thinking about what your health insurance is going to cost you in January.
But everyone who buys their own insurance or gets it through a small employer should beware.
Health insurers have asked for an average 20.4% increase from individuals who buy their own coverage. And they request an average 14.8% increase from small businesses.
The proposed double-digit increases are out of control. Some people may just choose to go without health insurance in order to put food on the table or gas in the car.
Speak Up: These Increases Are Too Much!
If you buy your own health coverage through Access Health CT or the private marketplace, we want to hear from you. If you are a small employer (<50 employees) and you struggle to afford health coverage for your staff, we want to hear from you.
The CT Insurance Department (CID) will hold a public hearing in August to hear from the insurers, advocates, and individuals and small employers who buy their own health coverage. CID has the authority to approve insurers’ requested premiums, increase them or decrease them.
For the first time, Connecticut has a new way to measure affordability.
Earlier this year, the Office of Health Strategy and the Office of the State Comptroller announced the Consumer Health Affordability Index (CHAI) and the CT Healthcare Spending Target. A key finding is that health care costs are unaffordable when they exceed 7-11% of family budgets, depending on household size.
Affordability should be at the center of upcoming hearings and CID’s evaluation of the rate increase requests.
Sign up today and help us deliver the message that double-digit increases are too much!
For more information:
CT Insurance Department table of health insurance rate requests
Information on the Consumer Health Affordability Index & CT Healthcare Spending Target