|Oct 30 2017||
2018 Medical Premiums
By: Rob Lynn
Over the past several years, Total Team Solution’s clients who utilize our HR outsourcing solution have received medical premium increases that are well below trend. Some of our plan designs increased a little more and some a little less, but on the average the TTS medical plan offerings have increased just 3% since 2012. So what is happening in the greater market place for 2018 medical premiums according to this morning’s Hartford Business Journal?
Anthem, was allowed by the Connecticut Insurance Department an average 25.4 percent premium increase for its small-group policies in 2018. Anthem said medical inflation, as well as taxes and fees associated with the Affordable Care Act, including the reinstatement of the ACA's Health Insurance Tax in 2018, drove up the cost of coverage. Anthem’s large-group plan which was allowed by the insurance department last week to raise its 2018 premiums by an average of 14.6 based on the impact of higher medical and drug costs and an increased demand for medical services.
Aetna, requested an average 18 percent hike for 2018 and was allowed to raise premiums by an average of 13 percent. ConnectiCare was allowed an 11.1 percent increase for small business policies sold off the exchange and 11.8 for policies sold through Access Health CT.
For the past 29 years, TTS has been helping our clients reduce their costs by providing cost effective employee benefit options, 401(k), worker’s Compensation, Human Resource guidance and payroll services. To learn more, please contact Rob Lynn at firstname.lastname@example.org
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