Connecticut could see significant health insurance rate increases that may affect 224,000 residents across the state.
Attorney General William Tong said the average individual rate hike request is 17.8%, more than double last year’s 8.3%. Small group plans could rise by 13.1%.
“Too many Connecticut families cannot afford health insurance and cannot afford to live without it. This system is broken and unworkable,” Tong said. “Costs—monthly premiums, deductibles, coinsurance, copays, and hidden fees—are only getting worse. It cannot continue like this.”
Republican State Senator Tony Hwang, a member of the state’s insurance committee, warned that another large increase would hit working- and middle-class families hard. He emphasized that while insurers claim higher costs justify the hikes, many also have revenue from executive compensation and Wall Street dividends.
Lawmakers are encouraging residents to attend Monday’s public meeting to provide input before the insurance department makes a decision. Changes to Medicaid and the Affordable Care Act could influence the final outcome.
“The real danger is that insurers may request even higher rates due to federal policy changes,” Hwang said.
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