While the Insurance Department settled on lower increases than were originally proposed, in some cases the rate increases were still a double-digit percentage.
By Hugh McQuaid and Christine Stuart, CTNewsJunkie.com
The Connecticut Insurance Department approved double-digit rate hikes Friday for several state health insurance providers. At an average of 12.9%, the increases represent a lower price hike than the providers requested earlier this summer, but not by much in some cases.
In a Friday afternoon press release, the state’s insurance regulation agency announced the highly anticipated 2023 insurance rates. Next year’s rates have been a point of contention since July, when providers asked the state to approve double-digit rate hikes for individual and small business plans. The companies asked for an average increase of 20.4% on individual plans.
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