October 8th, 2020 – Today the Colorado Division of Insurance announced the new rates for Colorado’s Small Group and Individual markets. In the Small Group market the average increase is a modest 3.8% over the 2020 premiums. Overall premiums for individual health insurance in Colorado will go down an average of 1.4%, as compared to the 2020 premiums.
Please keep in mind that those are average, so rates will vary based upon age, location and tobacco use. As always, the smart consumer will enlist help from a licensed Agent to help them find the best insurance company and plan that is in-network for your preferred providers and covers the medications you might be taking.
In light of the COVID-19 pandemic, this is good news for Colorado businesses as well as for individuals and famlies who buy their own health insurance. To protect consumers as the pandemic continues, Colorado’s DOI required insurers to remove any proposed profit increases.
Much of the decrease in premiums for the individual market was due to Colorado’s reinsurance program. Insurance Commissioner Michael Conway said, “We are very excited that our great reinsurance program continues to make health insurance more affordable for Coloradans. As I’ve said before, access to health care is always important and it’s vital during this pandemic. When we make health insurance more affordable, we make access to health care more achievable.”
If you would like help getting benefits for your company or coverage for yourself or family, Colorado Health Insurance Brokers is ready to help you.