Jan Hochadel

Senator Hochadel Submits Testimony In Strong Opposition To Proposed Insurance Rate Hikes

HARTFORD – State Senator Jan Hochadel (D-Meriden) joined a dozen members of the public today in expressing her opposition to the proposed 2024 insurance rate increases submitted by nine different Connecticut health insurers.

In her testimony for today’s state Insurance Department public hearing on the proposed rate hikes, Sen. Hochadel talked about the impact rising insurance hikes will have on residents throughout Connecticut.

“When insurance rates rise, working people in effect take a pay cut,” said Sen. Hochadel. “The effect is felt most dramatically on our lower-wage workers. Too many times over the past few years, I have seen any increase in wages paraeducators, home health aides, supermarket employees, and countless others have any pay increase they receive swallowed up by increases in health insurance costs. These workers, who only three years we were calling “heroes” for continuing to go to work during COVID, see their standard of living suffer as rising insurance costs and inflation tear away at their economic security.”

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.