Connect for Health Colorado Extends Enrollment Deadline for January Coverage to Dec. 18, 2019
DENVER – To help as many people as possible get Jan. 1, 2020 coverage, Connect for Health Colorado is pleased to announce that the deadline to get coverage on Jan. 1 has been extended. Coloradans have until 11:59 p.m. on Wednesday Dec. 18, 2019 to sign up for a health insurance plan that starts on Jan. 1, 2020.
To sign up for coverage that begins Jan. 1, 2020, Coloradans must take the following steps:
1. Complete an application and select a health insurance plan online at ConnectforHealthCO.com, over the phone at 855-752-6749, or by working with a certified enrollment expert by 11:59 p.m. on Wednesday, Dec. 18.
Connect for Health Colorado® Urges Residents to Shop by December 15 for January Coverage
Nearly 42,000 Coloradans signed up for a health insurance plan through Connect for Health Colorado’s Marketplace between Nov. 1 and Nov. 30. Approximately 70 percent of applicants qualify for financial help in the first month of the Open Enrollment period. Residents must sign up for a plan by Dec. 15, 2019 to have coverage in place by Jan. 1, 2020, however, Open Enrollment runs through Jan. 15, 2020.
Coloradans can sign up for a Marketplace plan online, over the phone or in person with a certified enrollment expert. Connect for Health Colorado has 23 enrollment centers to provide residents with walk-in help at different times throughout the week. Residents can also schedule an appointment.
Back in late October, a few days before the launch of the 2020 Open Enrollment Period, I issued a warning to ACA exchange enrollees who may have been benefiting from the "Silver Loading" premium pricing strategy for in 2018 and/or 2019 that the enhanced subsidies they've been taking advantage of for two years are likely going to be reversed for 2020:
What happens next year if the benchmark Silver plan drops by 4%...but the Bronze, Gold, and the OTHER Silver plans stay flat?
Connect for Health Colorado® Reports Coloradans are Shopping Around for 2020 Coverage
DENVER – Nearly 24,000 Coloradans have signed up for a health insurance plan through Connect for Health Colorado’s Marketplace between Nov. 1 and Nov. 15. for coverage starting Jan. 1, 2020.
More Coloradans buying their own health insurance are seeing lower premiums, largely due to the reinsurance program that passed this year. Reinsurance helps insurers with their most costly claims. However, given the complexities of how financial help available through the Marketplace is calculated, current customers should shop around to reduce monthly costs.
Heh. This is a pretty good layman-speak for #ReverseSilverLoading.
On average, those who qualify to automatically renew their plan would lower their premiums by 15 percent (compared to 2019) if they switch to the lowest-cost plan in their current level of coverage.
Open Enrollment for 2020 Coverage Brings Savings for Coloradans Who Actively Shop
DENVER – The Open Enrollment period to purchase health insurance for 2020 kicks off Friday, Nov. 1, with rates lower across the board for the first time since the Marketplace opened for business in 2013. And while rates are lower, Connect for Health Colorado strongly encourages all customers to compare their plan options before making a selection.
With the complexities of how the tax credit is calculated, customers who qualify for financial help will likely see a decrease in the dollar amount of assistance. It’s important to know that customers who qualify for financial help can reduce premiums an average of eight to 19 percent by switching to the lowest-cost plan available in their current coverage level.
Back in July, the Colorado Insurance Dept. announced the preliminary 2020 avg. premium rate changes for the individual and small group markets, including making the important point that their then-pending Section 1332 Reinsurance Waiver program, if approved, would cut down on unsubsidized premiums by over 18% on average (18.2%, to be precise, according to the CO DOI, although my own analysis based on the preliminary rate filings brought it in at a 17.5% reduction).
Washington is essentially outsourcing administration of a healthcare plan to an existing carrier, with the state government negotiating the provider network and reimbursement rate levels...which have been set to 160% of Medicare rates. There's nothing wrong with this, and it's an important move forward...but it's only expected to shave perhaps 5-10% at most off of costs because any negotiated rate settings are partly cancelled out by the cost of the private carrier doing the administration.
Cigna extended its individual healthcare exchange products for the 2020 plan year, the insurer said Sept. 18.
For 2020, individuals can purchase individual health plans in 19 markets across 10 states. The expansions will take place in counties in Kansas, South Florida, Utah, Tennessee and Virginia. The other states include Arizona, Colorado, Illinois and North Carolina.
The plans will be available for purchase on the individual marketplace during the 2020 open enrollment period, which begins Nov. 1. Plans will take effect Jan. 1.
But that's not all! In addition to the actual 2018 MLR rebates, I've gone one step further and have taken an early crack at trying to figure out what 2019 MLR rebates might end up looking like next year (for the Individual Market only). In order to do this, I had to make several very large assumptions:
As I've explained before, Section 1332 of the ACA itself gives individual states the right to petition to make changes in how the law works in their state. The idea is that, as President Obama noted himself, if a state can come up with ways to make the ACA provide coverage which is at least as comprehensive to at least as many people as it already does, without increasing the federal deficit, go for it.