Connecticut Business Health Insurance Small

Anthem's Proposed 12.9 Percent Increase Rejected By State Regulators

Anthem Blue Cross and Blue Shield in Connecticut  proposed a 12.9 percent price increase to some of its health plans, which was rejected last week by state regulators.

The Connecticut Insurance Department declined the double-digit rate hike, but it did approve a 3.9 percent increase for Anthem's individual policies which has 25,560 policyholders. The rate increase takes effect next year.

It's a block of business that brought in $153.9 million in premiums last year and spent $115.9 million on claims.

"We are currently reviewing the disposition from the Connecticut Insurance Department," said Anthem spokeswoman Sarah Yeager. "We share our members concerns over the rising cost of health care. The increasing demand for medical services, including the use of new, expensive prescription drugs, and demand for advanced technologies are driving up the cost of health care at an unprecedented rate."

The department's actuary who reviewed Anthem's filing, Paul Lombardo, said in his decision that 3.9 percent is "reasonable in relationship to the benefits being offered, and is, neither excessive, inadequate or unfairly discriminatory," giving reference to Connecticut state guidelines for health rates.

The insurer and regulators differed in their opinions about the degree to which new people coming into Anthem's individual health plans will offset the higher claims generally associated with existing members as they stay with a health plan. More expensive claims among people who stay in a health plan compared with new members is called "underwriting wear-off" in the industry.

"We don't believe that historic enrollment patterns will change enough to warrant an adjustment to rates for underwriting wear-off," Lombardo said.

OpenSky Corporation Named Connecticut's Fastest Growing ...

HARTFORD, Conn. (September 27, 2011) – Six winners representing key areas of technology were announced as the fastest growing technology companies in Connecticut at the 2011 Marcum Tech Top 40 awards ceremony on September 27 at the Oakdale Theater in Wallingford. Marcum LLP, one of the nation’s leading accounting and advisory firms, and The Connecticut Technology Council recognized the 40 fastest growing technology companies in Connecticut based on revenue growth over the past four years.  

partner at Marcum LLP.