While the requested rate increases are concerning, the insurance division review sometimes results in rates being adjusted downward, said Adam Fox, director of strategic engagement for the Colorado Consumer Health Initiative. And consumers who qualify for financial assistance could find that the subsidies absorb any rate increase.
“These rates do highlight the need to grapple with underlying health care costs and get a handle on those,” Fox said. “Health insurers can do things to control costs and we think they should arguably be doing more. But they’re not the only piece of the puzzle.”
The U.S. Department of Health & Human Service said in a statement Monday that proposed premium changes from preliminary rate filings do not capture what marketplace consumers actually pay. Last year, the average monthly premium for people with HealthCare.gov coverage getting tax credits increased $4 from $102 to $106 per month.
Colorado’s division of insurance has begun to study health care costs and the feasibility of shifting the state to a single geographic rating area, as directed by a law passed in the last legislative session.
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