October 23rd, 2015 – Today, Colorado’s Division of Insurance officially approved 1,073 health insurance plans from 20 carriers to offer health coverage to consumers and small businesses for 2016.
Colorado lost 3 carriers for the upcoming year. Colorado HealthOP, New Health Ventures and Assurant Health will not be offering health insurance in 2016.
Across Colorado, individual health insurance premiums will increase an average of 9.84 percent over 2015 rates, and small group plans will increase an average of 3.17 percent.
Colorado’s Commissioner of Insurance, Marguerite Salazar said, “This is only the third open enrollment under the ACA, and these rates represent the first time carriers had a full-year of data to inform their rates. They are still trying to figure out what consumers want in terms of plans, deductible levels, and services, at a price that attracts enrollment, but allows the carrier to keep the lights on and pay their bills.”
Premiums also reflect the cost of healthcare in Colorado and in each of the state’s nine geographic rating areas. “The Division doesn’t regulate the cost of healthcare, but everyone involved in healthcare in Colorado needs to work on bringing these costs down,” said Commissioner Salazar.