People on Colorado’s individual health insurance market could see an average premium increase of 10% next year, though less for people on Colorado Option plans, if requested rate changes are approved.
the requested rate changes Thursday. The division will consider and decide on the requests in the fall, with a possibility they decline during regulators’ review process. Open enrollment begins in November.
Health insurance companies are asking to increase premiums by an average of 11.1% for non-Colorado Option plans and 7.7% for Colorado Option plans. The exact increase varies from plan to plan. Officials did not have dollar figures available Thursday but expect more detailed information about premium rates come October.
The Colorado Option also allows the state to negotiate on behalf of its clients with providers and hospitals, Hoskins said. She expects to see the fruit of those negotiations, through additional savings, this October.
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