Blumenthal Urges Rejection of Insurance Premium Hikes
HARTFORD, Conn. — Senator Richard Blumenthal has joined other elected officials in calling on the Connecticut Department of Insurance to decline premium applications from four insurance companies, which would result in significant price increases for over 220,000 residents.
Blumenthal, alongside Liz Dupont-Diehl from the Connecticut Citizen Action Group, expressed concern that these proposed hikes would place an additional burden on working families already facing rising living costs.
“Given the skyrocketing cost of living, many folks in Connecticut are struggling to afford the essentials. Now, health insurance companies are pushing for substantial premium increases,” he noted. “We’re looking at rate increases of 16-18%, which is on top of last year’s already high hikes.”
According to him, consumers are paying more while receiving less in return.
Dupont-Diehl highlighted that the CCAG frequently hears from members grappling with insurance issues and facing challenges in accessing necessary care.
“We urge the Connecticut Department of Health and the state to turn down these rate increases and to make healthcare more affordable,” she added. “We need transparency regarding costs to ascertain if pricing is equitable. Also, it’s essential that the Department of Insurance considers affordability in their evaluations of rate adjustments.”
Earlier this month, the Department of Insurance made public the proposed premium rates from four health insurers for plans available in both individual and small group markets on the state exchange.
The companies Anthem, Connecticare, UnitedHealthcare, and Connecticut Insurance reported average rate hikes of 16.2% for individual plans and 17.8% for small group plans.
The department attributes these proposed increases to several factors: trends affecting healthcare costs, past experiences, and the conclusion of enhanced federal support. Trends include rising prescription drug prices and a growing demand for medical services, while experience pertains to necessary adjustments from previous periods.
The proposed rates reflect the end of federal subsidy enhancements and do not take into account any potential aid from the state. A change in circumstances could impact the proposed rates, and the department will conduct an actuarial review of each application to decide if the increases are justified, potentially leading to approvals, rejections, or amendments by September. A public comment period has just started and will be open for the next four weeks.
