Connecticut Insurance Department approves double-digit rate hikes for health providers

The Connecticut Insurance Department (CID) approved double-digit rate hikes for several state health insurance providers.

According to a CTNewsJunkie.com report, the increases average 12.9% and are lower than the average increase of 20.4% on individual plans that the providers sought. Insurance Commissioner Andrew Mais stated the rate hikes were necessary in the wake of “skyrocketing” health care costs.

“The unit cost of hospital inpatient and outpatient care has risen about 9% per year,” Mais said. “Prescription drug prices have risen even higher. The rates announced today will continue to protect consumers from inflationary pricing and unwarranted profits while ensuring Connecticut residents have access to a stable, competitive health insurance market. But we must examine other available avenues to reduce overall costs and keep care, and this insurance, affordable.”

However, Attorney General William Tong criticized the decision.

“These double-digit rate hikes ”“ among the highest in the country ”“ will only make that worse,” Tong said. “While I appreciate that CID did impose substantial reductions to the requested rate hikes, this process was far too compressed and far too limited to allow for sufficient scrutiny.”