Higher premiums expected for individual, small group exchanges next year
Connecticut residents who shop for health insurance on the individual or small group exchanges could see higher premiums in 2023.
Connecticut health insurance costs are set to rise by an average of 12.9% on the individual exchange. State regulators say it's the best they can do while letting insurers pay their bills.
Officials say the average requested increase was over 20%.
Social services Commissioner Dr. Diedre Gifford says those shopping on the individual market will get help from three more years of American Rescue Plan subsidies.
"No one on the exchange, individual market, will pay more than 8.5% of their income for premiums," said Gifford.
Higher premiums driven by an 8% to 10% increase in the cost of medical services, and an up to 12% increase in prescription drug costs.
Gov. Ned Lamont says he hopes increased transparency around health care providers will help stop costs that are spiraling out of control.