HARTFORD, Conn. (AP) — The Connecticut Insurance Department has approved the rates for both individual and small group insurance plans that will be offered under the state’s new health insurance exchange, beginning this fall.
For the least expensive, “bronze level” individual plan, monthly base rates for premiums range from $215.17 with ConnectiCare Benefits to $245.45 with HealthyCT, a nonprofit plan.
The base rate for Anthem Health Plans Inc.’s lowest priced plan will be $236.59 a month.
In the small-group, Small Business Health Options Program (SHOP) exchange, the monthly base rate for bronze coverage will range from $271.91 with United Healthcare Insurance Co. to $298.05 with HealthyCT Inc. Anthem’s lowest priced plan costs $277.95.
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Two carriers that originally had applied to participate in the exchange program in 2014 — Aetna and ConnectiCare — have withdrawn from the program.
The amount an individual or small employer actually spends out of pocket on an Access Health CT “qualified health plan” (QHP) will depend on a variety of factors, such as location in Connecticut and ability to qualify for subsidies.
The Connecticut department released the final QHP rates Monday. The rate filings were originally submitted in May. Open enrollment is set to begin Oct. 1.
In some cases, the department persuaded the insurers to lower their rates after putting the original proposals through an extensive actuarial review.