Health insurance premiums in Colorado will increase next year, but at a lower rate than initially anticipated due to reductions from insurance companies. Individuals can expect an increase of between 6.5% and 12.7%, with Denver Health Medical Plan Inc. set for a 19.6% increase, while small group plans will see a rise between 4.7% and 11.0%. Earlier this year, companies requested rate increases but 80% of them later lowered their rates, with 66% of insurance companies decreasing their initial premium requests in the small group market.
Colorado Health Insurance Premiums to Rise, but Less Than Anticipated
Confirmed by state leaders, health insurance premiums in Colorado will see an increase next year. However, these increases will be less than initially expected, with an 80% reduction from earlier rate requests.
According to the Colorado Division of Insurance, individual health plans available on the state’s health insurance exchange will see a rise between an average of 6.5% and 12.7% next year. Denver Health Medical Plan Inc. is an exception, with a rise of an average of 19.6%.
Meanwhile, small group plan premiums will rise between 4.7% and 11.0%, except for Kaiser Permanente Insurance Company, which will see a 2.3% decrease.
Earlier this year, health insurance companies submitted their initial requests for rate increases. Since then, 80% of these companies have lowered their rates. In the small group market, which caters to employers with fewer than 100 employees, 66% of insurance companies decreased their initial premium requests.
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