May 11, 2011 | last updated May 31, 2012 6:11 pm

Aetna asks CT for rate decrease

Hartford health insurer Aetna is asking state insurance regulators to approve an average rate decrease of 10 percent on some of its individual health policies in Connecticut.

The new rates, if approved, would take effect September 1, on Aetna's Comprehensive Medical Expense and Limited Medical Expense plans.

The new rates would affect 9,745 policies in Connecticut, regulators said.

According to Connecticut Insurance Department, Aetna asked for the revised rates because of its lower than expected medical costs in the state, and "for rebate purposes as it complies with the minimum loss ratio requirements of federal health care reform."

Aetna says it expects to pay rebates on these plans for 2011 and is trying to stabilize rates at a reasonable level over a period of years, the insurance department said.

Under the new federal health care reform law, insurance companies must spend at least 80 percent of premiums in the individual and small-group markets on medical services and 85 percent of premiums for large-group plans. If they don't achieve those spending levels they must offer rebates to their customers.

Comments

Type your comment here:

Today's Poll
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2014 New England Business Media