2018 Rate Adjustment Notification

CareConnect has submitted a request to the New York State Department of Financial Services (DFS) for an adjustment in premium rates. If DFS approves the request,

  • New rates for individual policyholders will take effect on January 1, 2018.
  • New rates for group policyholders and group members will take effect as of the policy’s renewal date in 2018.

Click on the links below for a list of our proposed new rates by benefit plan and more detail about the reasons for our requested rate adjustment. Once rates have been approved by DFS, we will notify members in writing 60 days before their new rates take effect.


Proposed 2018 Premium Rate Adjustments for CareConnect

Proposed Individual Rate Adjustments for Region 4* and Region 8** We have requested approval from the New York State Department of Financial Services (DFS) for our 2018 premium rates. If DFS approves these premiums, they will apply to all individuals who renew or enroll in a CareConnect plan for 2018. A number of factors have led CareConnect to ask for a rate increase for your plan. Like other insurance companies, we face increased health care costs, partly because improvements in medical technology tend to be expensive, as are many of the newest drugs. In addition, we’re legally required to put aside a large amount of money for a federal program called the Risk Adjustment program. This program has an important goal: It’s intended to help keep the health insurance market stable and ensure competition. To do this, the Risk Adjustment program is supposed to make insurers that have relatively healthy members pay insurers that have sicker members.

The New York State Department of Financial Services has issued regulations that will help reduce future risk adjustment payments. Nevertheless, Risk Adjustment will account for part of the rate change.

View Proposed Individual Rate Adjustments by Benefit Plan
View a Sample Individual Member Letter

-------------------------------

Proposed Group Rate Adjustments for Region 4* and Region 8** We have requested approval from the New York State Department of Financial Services (DFS) for our 2018 premium rates. If DFS approves these premiums, they will apply to all groups that renew or enroll in a CareConnect benefit plan for 2018. A number of factors have led CareConnect to ask for a rate increase for your plan. Like other insurance companies, we face increased health care costs, partly because improvements in medical technology tend to be expensive, as are many of the newest drugs. In addition, we’re legally required to put aside a large amount of money for a federal program called the Risk Adjustment program. This program has an important goal: It’s intended to help keep the health insurance market stable and ensure competition. To do this, the Risk Adjustment program is supposed to make insurers that have relatively healthy members pay insurers that have sicker members.

The New York State Department of Financial Services has issued regulations that will help reduce future risk adjustment payments. Nevertheless, Risk Adjustment will account for part of the rate change.

View Proposed Group Rate Adjustments by Benefit Plan
View a Sample Group Member Letter
View a Sample Benefit Administrator Letter

-------------------------------

Plain English Summary of Rate Adjustment.  We have prepared a plain-English Narrative Summary that provides a more detailed explanation of the reasons CareConnect has requested a premium rate adjustment for 2018.

View the Narrative Summary of Proposed 2018 Individual Rate Adjustments for CareConnect

View the Narrative Summary of Proposed 2018 Group Rate Adjustments for CareConnect

 

* Region 4 consists of Queens, Richmond, Kings, New York, Bronx and Westchester Counties.
** Region 8 is comprised of Nassau and Suffolk Counties.