Great news for Individuals and Families who purchase their own health insurance! The Federal Government approved Colorado’s reinsurance plan last week!
What does this mean for you? Individuals and families who purchase their own Affordable Care Act qualified health insurance here in Colorado will see an average premium decrease of 18.2% in 2020. Multiple health insurers rates will decrease 25% or more on average. In some areas of the state we could see premiums at least 40% lower! If you are not receiving a subsidy, you are paying full price for your health insurance premiums, and/or you live in our mountain and western slope areas, this is certainly welcome news. Especially following several years of significant rate increases, which has made health insurance simply unaffordable for many. The approval coming this early also gives Connect for Health Colorado, and every health insurance carrier, ample time to ensure we have access to 2020 plans and rates by the end of September / beginning of October.
We also anticipate a new carrier joining our Individual and Family market in Denver in 2020, Oscar. Oscar is new to Colorado, but is not new to health insurance, and has received recognition nationally. Ultimately, another carrier brings more competition, and only adds to the strength and stability of our state’s health insurance market. We are pursuing more information, as well as a broker relationship with Oscar, and will provide you with more information as it becomes available.
The Open Enrollment Period for 2020 coverage will begin November 1, and we anticipate it will again close on January 15 (in Colorado). Expect to begin receiving informational emails from us in September if you are currently a client of ours. If you are not currently a client, but would like to discuss your health insurance, receive informational emails, and learn more about your 2020 options, please give us a call today! We are Licensed, local, appointed with every major health insurance carrier, and Certified with Connect for Health Colorado.