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DENVER — With rate increases lower than the state
has seen in years, Connect for Health Colorado® customers who qualify for
financial help are looking at an average decrease in their net (after tax
credit) premium of 24 percent next year.
The Colorado Division of Insurance today issued final approval for
individual health insurance plans that will increase by an average of 5.6% in
2019. The relatively small increase in monthly premiums and the return of all seven health insurance companies to
the Connect for Health Colorado, the state’s health insurance Marketplace,
are signs of a stabilizing market for Coloradans who buy their own health
insurance coverage.
“I am happy that so many of our
customers will be seeing premium decreases,” said Connect for Health Colorado
CEO Kevin Patterson. “But I remind everyone that it is still important to
look at all your options. Things change and the best value for your family in
2019 could be different than what it was in 2018. We have tools to evaluate
the whole cost of coverage and compare offerings side-by-side. I urge
everyone to use them when they renew or shop for new coverage in 2019.”
Analysis shows that three out of four of Coloradans who bought
their health insurance with financial help through the Marketplace this year
will have an option for health insurance with a net premium (after financial
help) less than $50 per month in 2019. Two out of three of the more than
100,000 Connect for Health Colorado customers who qualify for financial help
will be able to find a bronze level plan for $0 net premium. Bronze level
plans are the lowest premium tier but come with higher deductibles and other
out of pocket costs than silver and gold level plans.
“The news is just as good for new customers coming to Connect for
Health Colorado for 2019,” Patterson said. “Those who qualify for financial
help will, on average, see their premiums reduced by 80%.”
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