Medical insurance premiums on Colorado alternate to rise about 1.6% in Denver, early filings say

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The common month-to-month price of medical health insurance via Colorado’s alternate might rise about 1.6% subsequent yr within the Denver space, however the improve would have been considerably greater with out the state’s reinsurance program.
Eight corporations have filed to promote medical health insurance on the alternate for 2021. The charges apply solely to plans bought on to people and households, so individuals who get their insurance coverage via an employer might even see greater or decrease prices.
The Division of Insurance coverage estimated charges would have been about 14% greater within the Denver space with out reinsurance, which primarily acts as a backstop for insurers who’ve prospects with costly wants. As a result of the insurance coverage corporations get again a portion of what they spend, they’ll set charges decrease.
Statewide, premiums are anticipated to rise about 2.2%, primarily based on preliminary filings with the Division of Insurance coverage. It’s not identified how the pandemic will have an effect on charges over the following yr, however insurers in some states have raised the likelihood they could must situation refunds as a result of prospects are getting much less medical care. Federal legislation limits how a lot revenue insurers can maintain from the premiums they gather.
Projected fee modifications are:

Pueblo metro space: 9.8% improve
Fort Collins metro space: 7.8% improve
Greeley metro space: 7.7% improve
Jap non-metro counties: 5.6% improve
Boulder metro space: 3% improve
Denver metro space: 1.6% improve
Grand Junction metro space: 0.3% lower
Western non-metro counties: 0.5% lower
Colorado Springs metro space: 1.6% lower

Charges would have been about 17% greater statewide with out reinsurance, based on the state. The largest decreases are within the western counties, the Grand Junction space, the japanese counties and the Greeley and Pueblo areas.
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The variety of counties with just one insurer promoting on the alternate is anticipated to drop from 22 to 10, as Rocky Mountain Well being Plans and Shiny Well being develop their footprints.

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