Insurance Department Approves Rate Increases for 2023 Plans

A table of individual plan insurance rates approved by the Insurance Department

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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