Insurers like Farmington, Conn.-based ConnectiCare and Hartford, Conn.-based Aetna appear to have lost market share following recent premium increases, according to the report. On average, small group plans in the state saw a 12 percent rate increase in premiums this year, while individual plans witnessed about a 25 percent increase, the report states. ConnectiCare, which faced financial hardship in 2016, raised small group premiums by 15 percent for 2017.
Anthem, Connecticut’s biggest insurer, offered a competitive preferred provider option plan in the small group market, which several companies switched to following the rate hikes. As a result, Anthem witnessed record-breaking enrollment in January, according to the report.
While ConnectiCare may be losing market share, the insurer still leads in the small group market overall with about 60,000 customers, the report states.
More articles on payer issues:
Anthem says it’s ‘more successful’ than Cigna at cutting medical costs
4 things to know about Molina Healthcare’s stance against the AHCA
GOP may eliminate ACA provision requiring essential health benefits coverage: 2 potential consequences
At the Becker's 5th Annual Fall Payer Issues Roundtable, taking place November 2–3 in Chicago, payer executives and healthcare leaders will come together to discuss value-based care, regulatory changes, cost management strategies and innovations shaping the future of payer-provider collaboration. Apply for complimentary registration now.
