October 13th, 2022 -Yesterday, Bright Healthcare announced it is pulling out of Colorado at the end of this year. As a result, 54,000 Coloradans will have to get new coverage starting January 1st.
Bright Health served clients in the Front Range and also in eight mountain counties, via the PEAK Health Alliance. Because of the late notice, it sounds like the Peak Health Alliance will be out of the market until January 1st, 2024.
Bright Health had requested a 21% rate increase in 2023, which was pending Division of Insurance review. Bright Health ended its individual policies in 7 other states across the nation, so the changes in Colorado were part of a much larger static decision by the company to shore up its finances and concentrate on Medicare Advantage markets in California and Florida. Mike Mikan, the president and CEO of Bright Health said, “The changes announced today give Bright Health a strong and stable platform for profitable growth at much lower risk.”
If you are insured by Bright Healthcare or Oscar, neither of which will be offering health insurance in 2023, you can get new coverage that begins January 1st, provided you enroll between November 1st and December 15th.
Colorado Health Insurance Brokers’ Agents are all certified by the Connect for Health Colorado marketplace and our services are available at absolutely no extra cost to you. Get a quote and your 2023 federal tax credit estimate for health insurance coverage in Colorado.