On February 25, 2022 ConnectiCare Benefits, Inc. filed a request to increase third and fourth quarter rates for a block of exchange small group health plans, policies for employers with 50 or fewer workers. The average increase across all 2022 quarters over 2021 is 14.6%, which compares to 10.3% for the currently approved rates. The rates would take effect in the third quarter of 2022. This change does not impact Q1 2022 or Q2 2022 rates as filed and approved in September 2021.

There are approximately 1,480 people covered under these policies currently in force in Connecticut.

The company stated it requested the increase to account for an increase in “trend”, a pricing factor reflecting medical inflation and an increased demand for medical services. The revision is driven by emerging claims experience, which has been running high particularly in outpatient, professional, and prescription drugs.

After Actuarial review, the Department approved the trend changes effective July 1, 2022 on March 25, 2022. There was a significant increase to cost trends in 2021 and these changes reflect historical data over the last three years, not just 2021.

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