Slight bump in 2015 regional health insurance costs

DENVER – The Colorado Division of Insurance approved more than 1,000 health insurance plans from 20 carriers to offer coverage to consumers and small businesses next year.

“We are pleased to see that our health insurance market is so competitive, especially compared to the other states that have released their 2015 rate information,” said Colorado Insurance Commissioner Marguerite Salazar.

Statewide, plan premiums will increase 1.18 percent, although premiums vary by carrier, age and geographic area. Premiums also vary by plan type, classified as bronze, silver, gold or platinum. The following cities saw these individual and small group plan premium average increases:

• Fort Collins – individual, 5.26 percent; small group, 3.19 percent
• Greeley – individual, 4.57 percent; small group 3.32 percent
• Boulder – individual, .42 percent; small group 2.6 percent
• Denver: individual .84 percent; small group 2.77 percent

Geographic areas are used by insurance carriers to price premiums. Last year, health insurance carriers used 11 geographic areas set by the Division of Insurance. This year, the Division of Insurance reduced the geographic areas to nine.

Statewide, individual plan premiums increased an average .71 percent and small group plans increased an average 2.54 percent.

Under the Affordable Care Act, consumers cannot be denied coverage because of their health, nor can they be charged higher premiums due to a health condition.

The approval of the 1,072 health plans by the Division of Insurance follows a review of the plans by the insurance regulator to make sure they meet federal requirements for coverage. The premiums do not account for those who may qualify for federal tax credits, known as Advanced Premium Tax Credits, to make premiums more affordable.

Nearly 300 of the plans are available on the health insurance exchange, Connect for Health Colorado, while about 775 of them are available off the exchange. About 475 are individual plans while the other 600 are small group plans.

Open enrollment for the 2015 plans begins Nov. 15 and lasts until Feb. 15. Consumers who want coverage by Jan. 1 must enroll by Dec. 15. Coverage cannot begin sooner than Jan. 1.

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