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%.”
About Connect for Health Colorado
Connect for Health Colorado is a public, non-profit entity established by the Colorado General Assembly in 2011 to create a health insurance Marketplace. Since 2013, we’ve been helping individuals, families and small employers compare plans, apply for financial help and buy health insurance. As Colorado’s official health insurance marketplace, we are the only place to apply for financial help to lower the monthly cost of premiums. Customers can shop online; get help by phone or online chat from Customer Service Center representatives; and access expert, in-person help from a statewide network of certified Brokers and community-based Assisters. For more information: ConnectforHealthCO.com
