Insurance companies in Connecticut demanded steep rate increases amid the pandemic. Instead, state Insurance Commissioner Andrew Mais kept the 2021 insurance premium increase minimal.
Companies requested an increase of over 6 percent for individual insurance plans. They were given 0.01 percent.
And for small group insurance, companies fought for an average of nearly 11 percent hike, but Mais met them at nearly 4 percent.
State Senator Matt Lesser chairs the Legislature’s insurance committee. He says that will keep policies affordable for residents.
“The fact that so many people have lost their health insurance, or in the process of losing their health insurance, because of the economy, I think, just underscores the need for us to get on this issue. A pandemic is no time for people to go without health insurance, so we’ve got to take action,” he said.
But Lesser said more needs to be done to curtail premium costs.
States like New Jersey and Massachusetts have expanded the federal Affordable Care Act to control insurance prices and reform the industry.