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.
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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.
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.
Almost
98 percent of returning customers so far have shopped around and signed up for
a different plan in their current level of coverage to take advantage of
savings in 2020.
“I
am encouraged that our message to actively compare plans and review plan
options is resonating,” said Connect for Health Colorado® CEO Kevin Patterson. “With
less than a month until the deadline for January coverage, we continue to
remind customers to take the time to shop in order to find the best value.”
During
the two-week period, 23,930 Coloradans made medical plan selections. Approximately
20 percent of the plan selections are by customers who are new to Connect for
Health Colorado for 2020, and 80 percent are returning customers. About 70
percent of applicants are qualifying for financial help to lower monthly costs.
“Shopping for a plan is more important this year, no matter which
part of the state you live in or whether you qualify for financial help,” said Patterson. “We
have hundreds of enrollment experts ready to help people understand how lower
rates in their community affects their health insurance options and prices. We
want to ensure that Coloradans know we are here to help them through the
shopping process.”
In 2020, eight health insurance companies will
be offering a total 130 plans through the Marketplace.
Open
Enrollment started Nov. 1, 2019 and runs through Jan. 15, 2020. Consumers must
sign up for a plan by Dec. 15, 2019 to have coverage in place by Jan. 1, 2020.
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About Connect for
Health Colorado
Connect
for Health Colorado is a public, non-profit entity established by the Colorado
General Assembly in 2011 to create a health insurance Marketplace. Since
2013, we’ve been helping individuals, families and small employers compare
plans, apply for financial help and buy health insurance. As Colorado’s
official health insurance marketplace, we are the only place to apply for
financial help to lower the monthly cost of premiums. Customers can shop
online; get help by phone or online chat from Customer Service Center
representatives; and access expert, in-person help from a statewide network of
certified Brokers and community-based Assisters. For more information: ConnectforHealthCO.com