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.
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.
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.
I actually have Colorado's overall individual market premiums down as incrasing by 6.5% overall on a weighted statewide basis (at least the preliminary requested rates, anyway).
Small group plans are scheduled to increase by 8.1% overall if approved as is.
DENVER – Last Thursday, Connect for Health Colorado’s Board of Directors took a support position on House Bill 24-1258 Credit Covered Person Expenses Insurer Insolvency. This bill will require a covered individual’s new health insurance company to credit out-of-pocket expenses paid if their current health insurance company leaves the market mid-plan year and can no longer provide coverage. This bill also provides methods for health insurance companies to recoup any expenses and increase in claims liability because of crediting out-of-pocket expenses. Connect for Health Colorado has released the following statement:
DENVER – On Monday, Connect for Health Colorado’s Board of Directors took a support position for Senate Bill 24-093, Continuity of Health-Care Coverage Change. This bill would help Coloradans who are no longer eligible for Health First Colorado (Colorado’s Medicaid program) or the Child Health Plan Plus (CHP+) program who have serious medical conditions more easily transition to individual market coverage and continue coverage of necessary medical treatments during the transition period. Connect for Health Colorado released the following statement:
“Our partners provide a crucial one-on-one service to help Coloradans get covered,” said Connect for Health Colorado’s Chief Executive Officer, Kevin Patterson. “They help us make sure local communities, especially those who face barriers in getting health coverage, can access the plans and savings we offer. I encourage interested organizations and current partners to apply.”
DENVER— Connect for Health Colorado, the state’s official health insurance marketplace, closed its annual Open Enrollment Period yesterday and reports that 237,107 people have enrolled in a 2024 health insurance plan. That is about 18 percent higher than last year’s end of Open Enrollment total of 201,758 enrollments and is Connect for Health Colorado’s biggest enrollment period ever. Of the total enrollments for 2024 coverage, 77 percent are receiving financial help to reduce premiums.
Additionally, 12,485 people enrolled in a health insurance plan through Colorado Connect, Connect for Health Colorado’s public benefit corporation and online platform. The majority of those Colorado Connect enrollments were from the OmniSalud program, which provides Coloradans who are undocumented with a safe platform to compare plans, apply for financial help, and enroll.
Customer Advisory: “In-Line” Enrollment Extension Available through January 17
Customers must call to complete their health insurance enrollment for 2024
DENVER— Connect for Health Colorado, the state’s official health insurance marketplace, is alerting customers who started their plan enrollments or made changes by yesterday’s deadline, January 15, that they have through Wednesday, January 17 at 6:00 p.m. to finish their enrollment. These customers must call Connect for Health Colorado’s Customer Service Center at 855-752-6749 to complete their enrollment.
Biggest Open Enrollment Yet for Colorado’s Exchange
Less than two weeks left in the enrollment period for 2024 health coverage
DENVER— Connect for Health Colorado, the state’s official health insurance marketplace, reports that 222,067 people have enrolled in a 2024 health insurance plan as of January 4th. This number of sign-ups not only surpasses the same-day comparison to last year (189,010 enrollments), but also last year’s end of Open Enrollment total (201,758 enrollments).
On a year over year basis, 222K represents a 17.5% increase over a year ago and a 10.1% increase over last year's final tally...with 10 days left for people to enroll.
Connect for Health Colorado continues to set new enrollment records.
DENVER— Today is Get Covered Colorado Day. This day of action was created to encourage as many Coloradans as possible to enroll in 2024 health coverage during the annual Open Enrollment Period. Connect for Health Colorado, the state’s official health insurance marketplace, reports that in the first five weeks of Open Enrollment, 184,240 residents have enrolled in a health insurance plan. This is 29 percent ahead of the same day last year.
First Two Weeks of Open Enrollment Spell Early Success for Colorado’s Health Insurance Marketplace
Sign-ups are 27 percent higher than last year, and more people are qualifying for financial help
DENVER— Open Enrollment for 2024 health insurance coverage started just two weeks ago, and Connect for Health Colorado reports that enrollments are up 27 percent from last year. Currently, more than 36,500 individuals have signed up for a health insurance plan through its marketplace, and 82 percent of those people are qualifying for financial help.
Connect for Health Colorado, the state’s official health insurance marketplace, has announced that the maximum number of individuals (11,000) have submitted a Colorado Connect application for 2024 and been found eligible for Silver Enhanced Savings, the financial help for enrollees in the OmniSalud program.
Kevin Patterson, CEO of Connect for Health Colorado, released the following statement:
“We anticipated that we would see significant financial help determinations early in the enrollment period for OmniSalud; the response we saw yesterday and today has exceeded even our very high expectations. I’m truly grateful for and astounded by the response.
We understand people will be disappointed to learn the funding limit has already been reached, and we hope to continue to find ways to expand the program in the future to meet the demand. I want to express my gratitude for the additional spots made available this year as well as the extraordinary work from our enrollment network and community partners.
