In the middle of a public hearing last summer, after several insurance companies had proposed double-digit rate increases on their health care plans, Attorney General William Tong posed a series of questions that summed up the concerns of many who gathered at the state’s Legislative Office Building that day.
“My understanding is that an actuarial analysis is undertaken to make sure an insurance company has enough assets to pay liabilities, right? That’s what the analysis shows: ‘Do you have enough money to pay claims?’” he asked.
Lawmakers frustrated by the high rate request this year say they plan to introduce a bill during the legislative session that begins in January that would change the state’s rate review process to include consumer affordability as a standard.
Most Connecticut residents have faced at least one health care financial burden over the last year, according to a new survey from Altarum Healthcare Value Hub.
The survey defines “health care afford.
Beth Beaudin-Seiler, director of Altarum’s Healthcare Value Hub, said that regardless of residents’ political party, most residents are worried about health care affordability.
While the average rate hike approved by Connecticut is lower than what the insurance companies requested, it still represents a significant boost in costs to consumers.