Anthem, ConnectiCare Remain on Healthcare Exchange
The two insurers remaining on the state’s health exchange are staying for at least another year.
Gov. Dannel P. Malloy and Lt. Governor Nancy Wyman announced Wednesday that Anthem and ConnectiCare Benefits, Inc. have committed to participate in Access Health CT, the state’s health insurance marketplace, for 2018.
About 100,000 Connecticut residents purchase coverage through Access Health CT. There was concern that one or both insurers might leave the exchange, leaving its fate uncertain. Two other insurers — United HealthCare and HealthyCT — had already dropped off for financial reasons.
“This is good news for Connecticut consumers and our health insurance marketplace,” Wyman, who is board chairwoman for Access Health CT, said in a news release. “I applaud Anthem and ConnectiCare for remaining carriers and thank them for their commitment to the health and well-being of our residents.”
Jim Wadleigh, CEO of Access Health CT, was also pleased.
“This is great news for individuals who will continue to have plan options that best meet their needs,” he said in a release.
Open enrollment begins Nov 1.
Decisions on rate increases back to top
Also, the state Insurance Department announced its decisions on insurance rate-increase requests filed earlier this year. Of the 14 filings made by 10 health insurers for plans that cover about 270,000 people, six requests were disapproved and reduced, five were approved as submitted, and one was disapproved and increased.
During the rate-filing process, Anthem and ConnectiCare were asked to recalculate their requests for plans sold on the exchange, allowing for the possibility that the federal government wouldn’t fund cost-sharing reduction payments which provide financial assistance to consumers for out-of-pocket costs.
The recalculations were applied to “Silver” exchange plans only and subsequently approved. Anthem plans sold to individual on the exchange will increase by an average of 31.7 percent for Anthem and 27.7 percent for ConnectiCare.
If cost-sharing were funded, Anthem would have increased by only 24.7 percent and ConnectiCare by 16.8, the insurance department said.
However, in a news release, state Insurance Commissioner Katharine Wade said “the increase in rates for the Silver exchange plans will be mitigated for consumers, eligible for federal tax credits, because they will be offset by the increase to tax credits for 2018.”