Health insurance rates announced for plans sold through exchange
The Connecticut Insurance Department has announced the approval for individual and small group health insurance rates for plans that will be sold through the state’s insurance exchange program. The state is set to manage its own health insurance exchange, opting to do so in order to ensure that the exchange provides the best service to consumers it possibly can. The state’s exchange, called Access Health CT, will begin open enrollment in October of this year before the policies sold through the exchange go active on January 1, 2014.
Rates for plans are lower than had been expected
According to state regulators, the rates associated with the exchange’s health care plans are, on average, lower than what the state had previously anticipated. Rates will be affected by several factors, of course, such as location, age, and medical condition, but the Insurance Department suggests that the exchange’s rates will be well received by consumers. Regulators suggest that many consumers in the state will see their health insurance costs drop as they embrace the plans coming from Access Health CT.
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Connecticut Health Insurance ExchangeCoverage rates vary depending on plan, location, and other factors
The least expensive plans offered through Access Health CT will cost approximately $215. Plans are separated into tiers, with the highest tier plans offering the most comprehensive coverage at a higher price. The least expensive plans offered to small groups through the exchange will cost approximately $279. These plans are also separated into tiers based on the benefits they offer to small groups.
Consumers may be eligible for federal financial assistance
As with all health insurance exchange initiatives in the U.S., consumers purchasing coverage through Access Health CT may be eligible for financial assistance from the federal government. This assistance is meant to help offset the costs associated with health insurance coverage and make coverage more available to consumers overall. Eligibility for this assistance is based on yearly income and whether a person is receiving health insurance benefits from their employer.