DENVER – Colorado’s individual health insurance rates will be going down and will provide relief for many Colorado consumers in 2020. Today, Governor Polis announced final insurance rates for the 2020 plan year showing average statewide decreases in premiums of 20.2 percent. With this remarkable and positive shift, the Colorado Consumer Health Initiative stated that it’s particularly important for consumers to review their insurance options and shop around for the best deal.
“We continue to hear from Colorado consumers that costs are a significant barrier to health coverage and accessing health care,” said Adela Flores-Brennan, Colorado Consumer Health Initiative’s executive director. “Now, many Coloradans purchasing insurance in the private marketplace will see some much-needed reductions in the premiums they have been struggling with. These reductions come thanks to efforts during the last legislative session to create a state reinsurance program and other legislative efforts to bring about greater health care access and affordability for consumers. More Coloradans will find more affordable coverage in 2020, which will mitigate a key barrier to accessing health care.”
Flores-Brennan continued, “This is especially good news for rural Coloradans who have been struggling with exceedingly high premiums. Average premium decreases in the rural areas and mountains will range from 27.7-30 percent, meaning Coloradans in these areas will see a bit of much-needed relief.
“The impact of these premium reductions will affect people differently and Coloradans should shop around to review their health insurance options for 2020. This big shift in premiums will mean the best option for coverage may have changed, and auto-renewing a current plan could be more expensive than other options.”
Colorado Consumer Health Initiative is a nonpartisan, nonprofit group that represents 40+ Colorado health organizations with more than 500,000 health care consumer-members advocating for high-quality, affordable and equitable health care. In 2018, CCHI received the “Get Wise” Consumer Protection award from the Department of Regulatory Agencies (DORA).