Colorado: *Preliminary* avg. unsubsidized 2025 #ACA rate changes: +5.5%

First, I want to apologize to all of my regular visitors for the 2-week gap in posting; a combination of personal committments and unjustified distractions resulted in my not posting any updates for a longer-than-acceptable period of time. I hope to try and make up for that over the next week or so.

Via the Colorado Department of Regulatory Agencies:

The Colorado Division of Insurance (DOI) has completed its initial review of the health insurance plans that the companies have filed for 2025. The information below highlights the key information about the number of companies, plans and the premium changes the companies are requesting. 

On July 25, 2024, the DOI will hold a virtual stakeholder meeting from 9:30-11:30 a.m. MDT, to share preliminary information regarding health insurance for 2025. This meeting will focus on highlights and trends the DOI has identified in its initial review of the information Colorado health insurers have submitted for 2025. People interested in attending this July 25 stakeholder meeting should register (via Zoom) using the following link - Register for July 25 Stakeholder Meeting(opens in new window).

Through the rest of summer and into the fall, the DOI will continue to review the information the insurance companies have submitted, and expects to release the final, approved plans and premiums in mid-October, ahead of the Nov. 1 start to the annual open enrollment period for the individual market.

They've also posted an update on their reinsurance program impact for 2025:

Bipartisan Reinsurance program effort continues to save consumers millions in 2025. Colorado Option plans will again have lower premiums than non-option plans.

DENVER - Today, Governor Polis and the Department of Regulatory Agencies’ (DORA) Division of Insurance (DOI), announced health insurance plans and premium savings for Coloradans in 2025 thanks to Colorado’s landmark reinsurance program. Coloradans will save $477 million on premiums and avoid a nearly 23% premium increase, which would occur if reinsurance did not exist.  

“Reinsurance savings help make healthcare more affordable for all Coloradans, keeping more of their hard-earned money in their pockets to save or spend. Colorado is leading the nation in saving people money on healthcare and the $477 million Coloradans will save on premiums in 2025 proves that what we are doing in Colorado works,” said Governor Polis.  

On average, individual market insurance premiums would be 23% higher in 2025 without Reinsurance and that is simply an average. In many counties in the western half of Colorado, premiums would be more than 40% higher without Reinsurance. In Mesa County, premiums would be 43% higher if Reinsurance wasn’t in place. In total, the DOI estimates that Reinsurance will save $477 million for Coloradans in 2025, which by the end of 2025 will bring the total estimated savings to over $2 billion since it started in 2020.

“Ensuring all Coloradans have access to high-quality and affordable healthcare is foundational for me, both personally and professionally. When we invest in the health and well-being of Coloradoans, we create a stronger, more resilient home for all of us. I am proud of our work to help ensure costs do not hinder our neighbors from getting the coverage they need, and thanks to the Reinsurance Program, Coloradoans will continue to see significant health care premium savings,” said Lt. Governor Primavera and Director of the Office of Saving People Money on Health Care.

Colorado Option
During last year’s open enrollment, 34% of all health insurance plan selections made through Connect for Health Colorado were for Colorado Option plans, an 188% increase in enrollment from the previous year.

For the 2025 plan year, the insurance companies filed 48 Colorado Option individual plans, which are offered at the bronze, silver and gold metal tiers. These Colorado Option individual plans will be available from six insurance companies, and there will be at least one company with a gold, silver and bronze level Colorado Option plan in every county across the state.

Preliminary review of the filings indicates that the average change in premiums for Colorado Option plans in the individual market will only be about a 4% average increase in premiums compared to non-Colorado Option plans, which show a 6% average increase.

Overall, this works otu to a 5.5% average requested increase for indy market plans, while small group plans are scheduled to increase by 8.1% overall if approved as is.

Update 9/19/24: I've updated the spreadsheet to include the effectuated exchange-based enrollment as of February, and what that means in terms of what percent of CO individual market enrollees are on exchange and subsidized.

Only 59% of Colorado's total individual market receives federal subsidies, but keep in mind the off-exchange portion includes ~12,500 "OmniSalud" enrollees, most of whom are receiving state subsidies.