ConnectiCare hopes to increase individual coverage by an average of 25% next year. For small business plans, Cigna is asking for a 20% increase, and United HealthCare is asking for his 14%.
On Friday, lawmakers were outspoken about the proposed rate hike.
Senator Richard Blumenthal said, “These requests for rate hikes are absolutely astounding. In fact, they’re pissing me off.”
Republicans also oppose price increases.
The Connecticut Citizen Action Group says the increase is based on overly inflated cost projections, especially when operators report record profits.
“Last year, Anthem Insurance Company achieved a 33% year-over-year profit increase,” said Tom Swan, Executive Director of CCAG.
Insurers attribute the proposed increase to rising medical costs and new state laws, including caps on out-of-pocket insulin costs.
The Connecticut Health Planning Association said in a statement, “As drug prices rise and reimbursements to hospitals and other providers increase, so do insurance premiums. Consumers are accessing more healthcare services. The same is true if you do.”
In their rate filings, the carriers also noted that the Affordable Care Act subsidies are due to end. But now Congress has extended the subsidy through 2025. This is part of the new Inflation Reduction Law.
The CAHP statement continued, “Subsidies are only one element of the equation.”
The co-chair of the General Assembly’s Insurance and Property Committee said insurers were basing their price increases on a highly unlikely worst-case scenario.
State Senator Matt Lesser (D-Middletown) said: