The health insurance provider ConnectiCare has announced it will cease selling small group policies beginning on Dec. 1.
The Hartford Business Journal reported that the company sold small group policies directly and through Access Health CT, the state”™s exchange. ConnectiCare will offer renewals to small group customers with effective plan dates through May 1, 2023.
Earlier this year, ConnectiCare sought an average rate hike of 22.9% on its small group policies offered through Access Health CT, but the state”™s insurance department only approved a 15% average.
“ConnectiCare has made the difficult decision to withdraw from the fully insured small employer market in Connecticut,” said spokeswoman Kimberly Kann said in a statement. “This decision was made after a thorough actuarial and financial review, which made it clear that we can no longer offer competitively priced fully insured small employer products in this market.”
“We understand this news comes at a challenging time, and we remain committed to serving our state”™s small employers,” Kann added. “We are making these changes to ensure the health and longevity of our business so we can continue to provide the high-quality health plans employers and individuals in our state depend on.”
