Pueblo’s Affordable Care Act premiums to fall in 2020

Oct. 13--Alongside a bipartisan group of residents, legislators, and state officials, Gov. Jared Polis recently announced that for 2020, Coloradans shopping for an individual health insurance plan would see an unprecedented reduction in premiums: an average statewide decrease of 20.2%.

As this is an average, depending on location and health plan selected, some in rural areas would see average decreases of more than 30%.

"It's not every day you hear about health care costs going down, but thanks to our bipartisan work in Colorado, folks who buy their own insurance are going to see a 20% average reduction in premiums this coming year," Polis said. "This will save families thousands of dollars every year.

"This is just one part of our bold agenda to reduce sky-high health care costs. The days of being ripped off on health care are finally ending in Colorado."

In the Pueblo region, the reduction is expected to save families more than $6,100 annually.

"These decreases translate into real savings for Coloradans," said Colorado Insurance Commissioner Michael Conway. "These big premium decreases will give more people the opportunity to access health care for themselves and their families. For those with coverage today, these premium decreases will make life easier, which is why we come to work every day."

The key factor for these lower premiums is Colorado's reinsurance program for the individual health insurance market, which pays a portion of high-cost claims, such as those incurred after major accidents or due to serious health conditions.

The reinsurance program was enabled by legislation passed by the Colorado Legislature in the 2019 session. The state then had to apply to the federal government to run the program, and the Department of Health and Human Services approved Colorado's application on July 31.

With a new health insurance company, Oscar Health, joining the mix, eight companies are offering 130 individual plans via Colorado's exchange, Connect for Health Colorado. Nine companies are offering 264 individual plans across the state, both on- and off-exchange.

Meanwhile, the number of Colorado counties with only one on-exchange health insurance company offering individual plans is increasing from 14 to 22. Two companies, Kaiser and Friday Health Plans, would stop offering individual plans in some counties.

Consumers who have questions about their current plans should contact their insurance company or broker, employer, Connect for Health Colorado (855-752-6749) or the Division of Insurance (800-930-3745.)

[email protected]

Twitter: @jpompia

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