Raised Bill No. 404 is a legislative proposal that aims to incorporate affordability as a key factor in the review of premium rate filings for individual and group health insurance policies. The bill requires the Insurance Commissioner to adopt regulations that ensure rates are not excessive, inadequate, or unfairly discriminatory. It mandates that any rate filed must include an evaluation of the affordability of each policy offered by the insurer, taking into account the total costs for coverage, including premium rates and out-of-pocket expenses such as coinsurance, copayments, and deductibles.

The bill also stipulates that from January 1, 2025, each rate filing must contain clear and understandable information on the insurer's low, median, and high range for utilization of covered benefits and services under the policy. This is to ensure that consumers have a better understanding of the potential costs associated with their health insurance policies. The act will amend sections 38a-481(b) and 38a-513(a) of the general statutes and is set to become effective on January 1, 2025. The purpose of the bill is to establish affordability as a factor in reviewing health insurance policy premium rate filings and to require insurers to provide information concerning the total cost ranges for their policies.