Connecticut's Insurance Department recently approved 13 rate increases "that far outstripped increases in recent years," the CT Mirror reports.
Here's what you should know.
1. All 13 plans will see increases in 2017, but some of the prices "will not go up by as much as carriers had sought."
2. The rates are expected to increase by 25 percent for individuals and 13 percent for small groups.
3. Two requests for larger increases from Anthem Health Plan and one from ConnetiCare Insurance Co. were both rejected.
4. Access Health CT, the state's exchange, will see increases from 15 percent to 24 percent. The exchange provides insurance to 47,597 residents. In 2017, 300,000 are expected to see a rate increase.
5. The department listed many reasons for the rate changes including: "medical inflation, the expiration of federal premium stabilization payments made to insurers over the last three years, … and higher than expected medical costs among customers."
6. The department approved a 48.1 percent rate increase for one individual plan that will affect 435 people. The plan is not available through the exchange.
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