“The Connecticut Insurance Department’s (CID) rate hearing scheduled for August 15 will proceed as planned. However, this may be a good time to clarify our actuarial rate review process and the impact federal subsidies have on health insurance rates to eliminate misunderstandings.

While Congress has not yet voted to extend the increase within ARPA (the American Rescue Plan Act) of the Federal Advanced Premium Tax Credits and the continued removal of the upper income limit on receiving these tax credits, as a Board member of our Affordable Care Act (ACA) Exchange Access Health CT (AHCT), I have been a strong supporter of extending these increases. Indeed, during meetings this year with members of the Connecticut delegation in Washington, I conveyed that support, was pleased to hear from them they also wholeheartedly supported the continuation and am grateful to them for all the work they have done to help Connecticut consumers.

These subsidies reduce the cost of insurance to consumers once the actuarially appropriate rates are established.

We are currently conducting a full actuarial review of the rate filings. Suggestions to the contrary notwithstanding, CID did not ask the health carriers to assume the ARPA extension would expire on 1/1/23. To the contrary, we had already asked each carrier to explain how they used the assumption of the federal subsidy in their data projection of premium for 2023 so that we have the information and flexibility to quickly address any changes.

The health rate filings are of particular importance as they are for plans that currently cover approximately 206,000 people, both on and off the Exchange. This year, there are 13 health insurance rate request filings made by nine health insurers.

The CID will not delay the informational meeting as the Centers for Medicare & Medicaid Services (CMS) and the carriers must have their rates set by early September so AHCT can be prepared for the open enrollment period that begins on 11/1/2022. The final 2023 health rates will be available before open enrollment begins in order to allow individuals and employers to perform research and compare and contrast all available plan options and price points prior to enrolling in a 2023 plan.”

For the CID response to the letter from the Attorney General’s office and for more detailed information, please click here

About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education, and advocacy.

• Email us at insurance@ct.gov
• Ask a question or file a complaint online
• Call the Consumer Helpline at 800-203-3447 or 860-297-3900.
• Sign up for e-alerts to get the latest news, warnings and rate changes that may affect your premium
• Download consumer FAQs on health, homeowner and auto coverage
• Use the Department’s Speakers Bureau for public events.
• Visit our Web site and follow the Department on Facebook, Twitter or YouTube