Colorado: Hmmmm...Tax credit recipients could save up to 46% on premiums by shopping around.
2018 MIDTERM ELECTION
Time: D H M S
Like HealthCare.Gov (for 37 states) and Minnesota have done already, Colorado's insurance commissioner is also letting state residents know about the importance of shopping around for their insurance policy for 2016:
Health insurance premiums will increase on average 7 percent in Colorado in 2016, according to statistics compiled by the state division that reviewed and approved plans for the coming year.
...Consumers who purchased through Connect for Health Colorado, the state health insurance exchange, in 2015 who aren’t eligible for tax credits will see an average increase of 12 percent if they simply renew their current plan for 2016.
Those who consider other plans could see an average increase of only 4 percent if they choose the lowest cost plan available in the same tier. Those eligible for tax credits could realize even greater savings, lowering their premiums by 46 percent on average, if they were to select the lowest cost plan in the same tier.
OK, to summarize:
For those currently receiving tax credits (about 55% of enrollees):
- If you don't shop around, your rates will increase 7% on average. However...
- If you switch to the lowest-priced plan in the same metal tier, your rates will drop by 46% on average.
For those not currently receiving tax credits (around 45% of enrollees):
- If you don't shop around, your rates will increase 12% on average. However...
- If you switch to the lowest-priced plan in the same tier, your rates will increase by 12% on average.