The monthly cost of health insurance on Colorado’s individual marketplace will rise about 1.1% next year, after the effects of the state’s backstop program for insurers.
Premiums on the small group market, for employers with fewer than 100 workers, will rise about 4.4%. The numbers are averages, however, so some people could see a smaller or larger change in their monthly bill.
The state estimated monthly premiums on the individual market would have been about 24% higher without reinsurance. Essentially, the federal government allows the state to create a fund that pays some of the cost of care for more-expensive customers. That lowers the cost of insurance, meaning customers pay less each month, and the federal government saves on tax credits to people who qualify for help buying coverage.
The same eight insurers who sold on the individual market this year will do so next year: Anthem, Bright Health, Cigna Health, Denver Health, Friday Health, Kaiser Permanente, Oscar Insurance Company and Rocky Mountain Health Plans. Jackson County has only one insurer on the individual market, but Colorado’s other 63 counties have at least two choices.
The number of plans available on the individual market increased from 326 this year to 527 in 2022. Not all plans are available to all customers, since insurers offer different options by region.
Open enrollment runs from Nov. 1 to Jan. 15. After that, new customers can only join if they have a major life change, like losing a job that offered insurance.
Read More:Colorado health insurance cost on individual market to rise 1%
2021-10-20 22:47:51
