Premium Hike for Small Businesses, Individuals
The state’s health insurance exchange has unanimously voted to increase its assessment on small employers and individuals in Connecticut by 22%.
Regardless of whether they actually use the Access Health exchange, all small employers and individuals in Connecticut will pay the higher assessment, which will increase from 1.35% to 1.65% of their health insurance premiums.
Next year, the definition of the small group health insurance market will likely expand to include employers with 100 or fewer employees, which means the higher assessment will impact even more people and businesses in Connecticut.
It’s important for the exchange to be self-sufficient, but the assessment increase is a concern, as is the prospect of future increases—the board can increase the assessment at any time.
And, the increase is not alone, coming in additional to the state’s many and costly health benefit mandates, the State Innovation Model Assessment of $3.2 million and the overall Insurance Fund that now totals about $79.8 million.
Increases to the cost of health insurance must be carefully evaluated to ensure the funds are utilized in the most efficient and effective manner possible.
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