Division of Insurance Releases State’s 2019 Health Insurance Plans and Premiums
This is an average for all individual plans, from all insurance companies, in all areas of the state, for all ages. The specific plan purchased, along with a person's age and residential location, will impact their specific premium, making it higher or lower than the average. Part of this average includes the DOI's approval of one company's request,
In the small group market (health plans for small employers with two to 100 employees), the average increase will be 7.28 percent.
Tables and charts breaking down the 2019 information are available on the DOI website for approved health plan information.
Premiums Could Decrease for Many
With individual plans, the 5.6 percent increase does not take into account premium tax credits (also called Advance Premium Tax Credits, or APTC). For people who are eligible for these credits, premiums will change on average -24 percent when enrolling in the same plan for 2019 that they have this year. For those who do some comparison shopping and choose a different plan, it's possible to bring this decrease down even further, as much as 30 to 50 percent less than what they paid in 2018.
See this table showing the average premium changes for tax credit eligible enrollees and how much their premiums could go down.
Even for folks who are ineligible for premium tax credits (a household income over four-times the federal poverty level), they can lessen the impact of premium increases by considering different plans for next year. In some cases, they may be able to actually see a decrease over their 2018 premiums.
"The 2019 premiums are the lowest we've approved in years, with minimal increases and, in some cases, decreases," said Interim Insurance Commissioner
"We worked hard in 2017 to be an island of stability amid the federal chaos to keep the insurance companies in the individual market in
"For this year's open enrollment, it's critical that people take some time to shop and compare the plans to see what can best fit their health and financial needs. There really are savings to be had for many if they take the time to look," said Commissioner Conway.
Financial Assistance
The premium tax credits that can help with the cost of insurance are available only for plans purchased through
Same Companies Back for 2019
The same seven health insurance companies that sold individual plans in 2018 are returning for 2019:
In the small group market, we see the same stability as 12 of the 13 companies from last year are selling policies for 2019. The one company that left, Rocky Mountain Health Care Options, isn't really going away as its efforts are being folded into Rocky Mountain HMO.
The number of plans across the state, and within each geographic region and county, will remain similar to the numbers from 2018. The mix of plans across all metal tiers remains similar as well.
In total, 16 insurance companies will offer individual and small group plans across
Silver Plans in 2019
Plan levels are categorized into gold, silver and bronze depending on how much the plan covers in healthcare costs. The average premium change for gold plans is a 3.81 percent increase, while the average premium increase for bronze plans is only 0.94 percent. Yet the average premium increase for silver plans is a significant 11.86 percent.
Individual silver-level plans are going up more on average compared to bronze and gold plans because of how
CSRs are subsidies that help people reduce their out-of-pocket costs (co-payments, coinsurance and deductibles) when they get healthcare. CSRs are available to people with annual incomes below 2.5 times the federal poverty level and who purchase an on-exchange, silver-level individual plan.
When the President took away the funding for CSRs they became extra costs for the insurance companies. Because CSRs are only available with on-exchange, silver-level individual plans, for 2019, the DOI instructed the health insurance companies to place the extra costs (also called "load") onto the on-exchange silver plans -- this is called "silver loading." (See a detailed explanation on the DOI website (https://www.colorado.gov/pacific/dora/key-health-insurance-definitions).)
Substantially Similar Silver Plans
Although premiums for on-exchange silver plans are going up more than other levels, people who qualify for the premium tax credits are shielded from much of this increase. This is because as premiums go up, the tax credits go up. However, people who do not qualify for the tax credits could feel the full effect of the higher increases. This means these consumers should actively avoid the on-exchange silver plans and instead look for on-exchange gold or bronze plans, which are seeing significantly smaller increases, or shop off-exchange for a substantially similar silver plan.
Substantially similar silver plans are off-exchange plans that are almost identical to their on-exchange silver counterparts, but do not have the silver load added to the premiums. Consumers would purchase these plans either through a licensed insurance broker/agent or directly from the insurance company.
Find a comparison of the on-exchange silver plans to the off-exchange, substantially similar silver plans on the DOI website.
Consumer Forum Coming in October
A public forum to discuss the 2019 individual and small group health insurance plans and premiums will be held later in October. More details will be posted to our Consumer Forums page on the DOI website in the coming days. Representatives from the health insurance companies, staff from the
Comparing Plans in Open Enrollment,
While
Consumers who have questions about their current plans should contact their insurance carrier, Connect for Health Colorado, their insurance broker, or their employer.
Trager Family, Republic Bank Foundation Gift to Enhance Optimal Aging Institute at UofL
Attorney General Herring Helps Protect Virginia Immigrants From Trump Administration’s Unlawful Action
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News