The first Connecticut health insurer to file proposed rates for health plans that will be sold on a public exchange, HealthyCT Inc. is requesting monthly rates ranging from $156 to $1,501 per person for small-group plans, according to regulatory documents.
The average monthly small-group rate requested is $445.63, if HealthyCT's rates are approved without change by the Connecticut Insurance Department. Details of the rates are available on the department's website, which posts health insurance rate requests at http://www.ct.gov/cid
HealthyCT is requesting monthly prices ranging from $142 to $1,364 for individual plans, with an average price of $427.
HealthyCT is a newly formed Consumer Operated and Oriented Plan established by the Affordable Care Act. This is the first year it has sold health insurance, and, as a result, it doesn't have data from medical claims to use in pricing its first ever health plans. Other insurers must say how much they want to increase prices compared with the previous year.
HealthyCT had no claims data to base its rates upon. It developed rates based on the 2012 Health Cost Guidelines by the consulting firm Milliman. Using data from 2012, HealthyCT applied an annual cost increase of 7.5 percent to price both individual and small-group plans for 2014.
Public health exchanges are part of federal reform and will operate for the first time this year as an online marketplace for individuals and small businesses to shop health plans. The exchange is for people who buy their own health insurance because they don't have coverage through an employer or the federal government, such as Medicare or Medicaid. Enrollment starts Oct. 1 and the plans will be for the 2014 calendar year.
The state's major health insurers had not yet filed rates as of Monday.