ConnectiCare backtracks, stays in ACA exchange

ConnectiCare changed course Tuesday, deciding to remain in the state Affordable Care Act exchange next year and drop its rate appeal, reports Harford Courant.

The health plan told insurance regulators Monday it would withdraw individual plans from the marketplace after insurance department officials denied its request for a 27.1 average rate increase. ConnectiCare filed suit against the department earlier this month challenging regulators' decision.

Since Monday's announcement, ConnectiCare has accepted state regulators approved 17.4 percent average rate increase and chosen to remain part of the state's federally subsidized health insurance exchange.

"After hearing from state officials, providers and beneficiaries about the importance of our plan to Connecticut, we have decided to move forward into 2017 as a plan on the exchange at the rates approved by the insurance department," ConnectiCare CEO Michael Wise said in a statement.

Insurance department officials are pleased with ConnectiCare's decision.

"We are very happy to hear ConnectiCare will remain part of the exchange for 2017. The more choices we have to offer our customers, the better off they will be," Access Health CT CEO Jim Wadleigh told Hartford Courant.

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