Published: Jul 28, 2022 03:00 PM
Loyal readers of The Newtown Bee have already seen two prior weeks of coverage, mostly detailing the negative outcry over health care providers requesting 20% individual health plan rate hikes next yr.
These providers, in response to Newtown delegation member and State Senator Tony Hwang, are mostly having fun with immense profits because the onset of the COVID-19 pandemic.
Seven of the leading medical health insurance providers — based on an evaluation of annual proxy disclosures from UnitedHealth Group, CVS Health, Anthem, Cigna, Humana, Centene, and Molina Healthcare — are adding insult to pending economic injury by paying their CEOs greater than $283 million in 2021 — by far essentially the most of any yr previously decade STATnews.com reports.
We, and presumably most of you readers who could face this massive insurance rate hike on top of every little thing else today, agree with a press release from Ted Doolittle, Connecticut’s health care ombudsman and a former federal health care official.
Doolittle recently stated that if that group of seven individuals was delivering what they needs to be delivering to the American people, he would don’t have any problem paying them $283 million.
What they needs to be delivering to Americans, Doolittle identified, is not any increases to their health care expenses. “They needs to be focused on the costs they’re paying to pharma and hospitals, specifically, but they’re not. In order that they’re being rewarded for the incorrect thing.”
Two Connecticut-based firms on that list are Cigna and CVS-Aetna. Cigna CEO David Cordani took home greater than $91 million in 2021, essentially the most of any insurance executive. And he’s registered $366 million since 2012. CVS-Aetna — the one company that has lagged behind the market since 2012 — has nonetheless doled out mostly performance-based compensation of $265,741,187 to CEOs over the past decade, SEC reports show.
At the identical time, our partners at The CT Mirror report that on small group plans, the carriers are asking for a mean increase of 14.8%. This unjustified and excessive escalation in rates has advocates, including Hwang, fearing a measurable backlash of individuals forgoing medical health insurance because they can’t pay.
With inflation at a 40-year high, and high prices of food, services and energy already taking an excessive amount of money out of your wallet, the one pressure that is likely to be applied to sway decisionmakers within the State insurance department, Newtown’s State Rep Mitch Bolinsky says, is from you.
Bolinsky says nine medical health insurance providers covering roughly 206,000 people have filed for increases for each the state-sponsored medical health insurance exchange, Access Health CT, and off-exchange plans. The insurers cite several aspects for the increases, including health care trends, the impacts of COVID-19, legislative actions, and the discontinuance of federal ARPA money.
However the time is painfully short to make your voices heard. Public comment period is open until August 8. It’s critical that every one consumers who will likely be adversely affected let state regulators know they need to contest these large increases, Bolinsky says.
File your opposition now by visiting the Connecticut Insurance Dept website, or directly at catalog.state.ct.us/cid/portalApps/HCfiling2023.aspx
Don’t wait until your renewal rate is already sealed. Haven’t your medical health insurance providers — and execs — profited enough?