On September 7th CBIA announced that Aetna will be leaving CBIA HealthConnections on December 1, 2016. In addition, UnitedHealthcare/Oxford will leave CBIA HealthConnections on January 1, 2017. This move signals ongoing upheaval in the medical insurance marketplace in Connecticut.
Currently, all medical carriers have filed for rate increases with the Department of Insurance for 2017. These increases range from 23.4% for Aetna down to 11.6% for Anthem. ConnectiCare’s increase is expected to be 17.2% and Harvard Pilgrim at 15.4%.
While Aetna and Oxford are expected to continue to sell insurance in the CT small group market (just not through CBIA), it is clear that competition is changing and insurance carriers are starting to exit unprofitable markets.
With Aetna exiting Access HealthCT (the individual marketplace), Connecticare suing the Department of Insurance, and the failure of HealthyCT it is clear that employers should be working with benefit experts that understand all of these moving pieces and can best insulate them from the total impact of these changes.