Unaffordable Health Insurance Costs: Blumenthal Urges Insurance Department To Reject Proposed Rates

[Hartford, CT] - Today, U.S. Senator Richard Blumenthal sent a letter to Connecticut Insurance Department Commissioner Josh Hershman urging the Department to reduce or reject proposed double-digit health insurance rate increases that would impact nearly 220,000 Connecticut residents.

In the letter, Blumenthal raised concerns about the financial burden that rising health insurance costs place on Connecticut families while many households struggle with the costs of housing, groceries, and other necessities.

"Millions of Americans across the country are struggling with the rising costs of basic necessities," Blumenthal wrote. "Now more than ever, families cannot afford to also bear the financial burden of higher health insurance premiums."

"These proposed rate increases are not abstract percentages," Blumenthal wrote. "They have a direct impact on nearly 220,000 Connecticut residents who depend on these plans to pay for critically important, even life-saving health services."

Blumenthal called on the Insurance Department to significantly lower or eliminate price hikes, pointing to the Department's success in rejecting requested increases, saving consumers nearly $125 million last year. He also urged the Department to review the requested increases to ensure they are not "excessive, inadequate, or unfairly discriminatory."

The full text of Blumenthal's letter is available here and below.

Dear Commissioner Hershman,

I strongly urge the Insurance Department to significantly reduce or completely eliminate these outrageous price hikes to preserve the health and safety of our communities.

Millions of Americans across the country are struggling with the rising costs of basic necessities, now more than ever, families cannot afford to also bear the financial burden of higher health insurance premiums. That is why I am deeply alarmed by the double-digit rate increases proposed by insurance companies operating in Connecticut^[1]. To be clear, these rates are unsustainable and a blow to hard-working families, especially as major carriers like Elevance Health^[2] and United Health Care^[3] continue to report billions in profits. We cannot allow insurance companies to extort consumers to line up their own pockets.

In the last year, I've heard from a number of constituents who are deeply concerned about their healthcare costs. These proposed rate increases are not abstract percentages; they have a direct impact on nearly 220,000 Connecticut residents who depend on these plans to pay for critically important, even life-saving health services^[4]. The increases also have an acute impact on small businesses who cannot invest in expanding their operations and hiring more people when they are forced to absorb new health insurance costs for their current employees. If these rates are approved, many families and small businesses might not be able to retain their coverage-further destabilizing the market and raising the costs for everyone else.

As you know, under Connecticut law, the Insurance Department must determine that these requested rates are not "excessive, inadequate, or unfairly discriminatory^[5]." Last year, the Insurance Department used this authority to successfully reject requested increases, saving consumers nearly $125 million^[6]. That would not have been possible without proper oversight. It is imperative that the Insurance Department aggressively review these requests and the underlying assumptions to cut or eliminate any increases.

I urge you to do all that you can to keep healthcare in reach for Connecticut small businesses and families. Health insurance should never be cost-prohibitive and that starts with keeping rates as affordable as possible.

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