HARTFORD – State Senator Jorge Cabrera (D-Hamden), who is Senate Chairman of the legislature’s Insurance and Real Estate Committee, today joined members of the public in expressing his opposition to the proposed 2024 insurance rate increases submitted by nine different Connecticut health insurers.
Speaking at today’s state Insurance Department public hearing on the proposed rate hikes, Sen. Cabrera urged the state Insurance Department to reject the proposed rate increases as submitted because they are “unconscionable, unaffordable and unsustainable for those who need this coverage most.”
“Middle- and lower-class families are already burdened by the current cost of health insurance, and these increases would only exacerbate the problem,” Sen. Cabrera testified. “While we’ve taken several steps over the years to address the rising cost of healthcare and prescription drugs, residents simply cannot afford staggering rate increases like the ones being proposed this year.”
The 10 filings by nine different Connecticut health insurers are for health insurance plans that currently cover approximately 188,000 people. The proposed average individual rate request increase is 12.4 percent, and ranges from 9.8 percent to 17.5 percent. The proposed average small group rate request increase is 14.8 percent, and ranges from 7.5 percent to 23 percent.
The Insurance Department will conduct actuarial reviews on each filing to determine if they are justified and will either approve, reject, or modify the request. The department expects to make final rulings on the proposals in early September.