July 28th, 2021 – This week the Colorado Division of Insurance announced rates for 2022 individual and small business health insurance plans. Overall, it was pretty good news, especially considering the pandemic and how that impacted Colorado’s health care system.
While the new rates are not official yet, the average rate increase on individual health insurance plans is only 1.4% over the 2021 plan premiums. The increase would have been much more severe without Colorado’s reinsurance program. In 2022, Colorado’s reinsurance program will save Coloradans an average of 24.1% over what the premiums would have been without reinsurance.
Colorado health insurance market is reasonably healthy with all 8 insurance companies continuing to offer individual health insurance in 2022. Bright Health, Friday Health, Oscar Health and Rocky Mountain HMO are expanding into more counties in 2022, which provides more competition in several rural counties.
For the small group market, an average increase of 5.3% over the 2021 plans was proposed, which is still very good, especially considering that pandemic’s impact on Colorado’s healthcare system.