by Matthew Valeta, Health Policy Analyst
Too hot, too cold, or just right?
Too many, too few, too expensive?
Goldilocks and all the bears, from baby bear to mama bear, will be able to find a health insurance plan that is just right for them.
There are 150 plans filed in the individual market and 93 plans in the small group market that will be sold through Connect for Health Colorado. Consumers will be able to choose from plans with a variety of premiums and cost sharing options. Initial analysis of rates in Colorado’s marketplace is good news for Colorado. Fears that the rates for insurance plans would be unaffordable for consumers turned out to be exaggerated.
CCHI conducted a preliminary analysis of one Connect for Health Colorado “silver level” individual market plan from each of the following 10 insurers who plan to participate in Connect for Health: .
• All Savers Insurance Company
• Cigna
• Colorado Choice
• Colorado Health Insurance Cooperative
• Denver Health
• HMO Colorado (Anthem)
• Humana
• Kaiser
• New Health Ventures
• Rocky Mountain HMO
Disclaimer: Rates vary by insurer and region. These rates are not representative of rates throughout the entire marketplace. Rates are subject to review by the Division of Insurance and will be finalized by July 31st. Insurers also have the option to offer multiple plans so silver rates could vary more widely. Insurers may also offer other ”metal” tier plans too.
Denver Individual Plans
* 27 year old: premiums from $207 to $373 per month
* 40-year old: premiums from $253 to $454 per month
Denver Family Plan (2 parents age 40, children under 18)
* Premiums from $756 to $1,360 per month
Durango Individual Plans
* 27-year old: premiums from $207 to $504 per month
* 40-year old: premiums from $253 to $615 per month
Durango Family Plan (2 parents age 40, children under 18)
* Premiums from $756 to $1,840 per month
Fort Collins Individual Plans
* 27-year old: premiums from $197 to $406 per month
* 40-year old: premiums from $240 to $495 per month
Fort Collins Family Plan (2 parents age 40, children under 18)
* Premiums $718 to $1,481 per month
However, these rates are not what most consumers will pay. For example, a 40-year-old earning $29,000, paying a premium of $350 per month would be eligible for a subsidy of up to $154 per month and would contribute $196 per month. And these subsidies are available to 466,000 Coloradans. For example, a family of four with an income of up to $94,000 a year would qualify for subsidies in Connect for Health Colorado.
The following insurers also filed their rates for the small business marketplace in Connect for Health Colorado, also known as the SHOP.
• Colorado Choice
• Colorado Health Insurance Cooperative
• HMO Colorado (Anthem)
• Kaiser
• Rocky Mountain HMO
• See Change
These rates varied as well by insurer and region. In looking at a single mid level silver plan offered by each participating carrier, premiums ranged as follows:
Denver Small Group Plans
* 27-year-old: $252 to $341 per month
* 40-year old: $307 to $415
Durango Small Group Plans
* 27-year-old: $252 to $478 per month
* 40-year-old: $307 to $583 per month
Fort Collins Small Group Plans
* 27-year-old: $239 to $399 per month
* 40-year-old: $292 to $487 per month
Starting this October, health insurers will be competing for your business. With options and subsidies available for you in Connect for Health Colorado, your porridge will taste just right.
Take a closer look at CCHI’s analysis of the rates for yourself here: