21/06/2024

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Colorado could see increase in health insurance premiums

Colorado could see increase in health insurance premiums

The estimates are based on increases requested by health insurance companies, though plans and premiums won’t be finalized until October.

DENVER — Health insurance for Coloradans in 2024 could go up by more than 11%, depending on the plan purchased.

That’s based on premium increases requested by health insurance companies, although not what has been approved, according to a news release from the state Division of Insurance.

The increase for Colorado Option plans — state-designed plans that health insurers are mandated to carry — is expected to be just under 8%. But those plans apply only to the individual and small group market, which represents about 12% to 14% of the total market, according to the Division of Insurance.

Under the Colorado Option law, health insurance premiums in 2024 must be 10% lower than 2021 premiums. For 2025 plans, they must hit a 15% reduction target. Vincent Plymell, deputy commissioner at the Division of Insurance, said whether those targets are met will be determined after the division analyzes insurance company filings in the coming months. 

Read the full story at Colorado Politics.

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