Contact: Monica Caballeros[email protected]
DENVER – Connect for Health
Colorado® customers should shop for a new health insurance plan to lower their
premiums in 2020. With the addition of new competitors in the health insurance
market and the introduction of a reinsurance program (which helps
insurers with their most costly claims), the average individual health
insurance premium next year will be 20.2 percent lower, according to the
Colorado Division of Insurance. That savings is before the financial help
available in the form of advance premium tax credits, of which 77 percent of
current customers qualify.
The
benchmark plan used to determine how much financial help Coloradans can qualify
for through the Marketplace also decreased. As a result, customers who qualify
for financial help should shop for a new plan in order to take advantage of
savings. Those who expect to use medical care should consider factors beyond
the premium. For some Coloradans, their costs for a Gold plan will be
comparable to Silver plan premiums after the financial help is applied. Others
may find a Bronze plan with very low or even $0 premium. While the average
financial help amount for enrollees who qualify will decrease $150 in 2020, the
average payment will only increase $22, according to a report by Wakely
Consulting Group.
“Plan prices and
benefits change every year. We hear from customers that their medical needs,
budgets and household situations also change,” said Chief Executive Officer
Kevin Patterson. “That’s why we’re encouraging everyone
to compare plans and think about the total costs of care before making a
selection.”
Consumers can use the Quick Cost and Plan Finder
tool or the Marketplace’s statewide network of hundreds of certified brokers to
help them decide which plan is right for them.
In 2020, eight health insurance companies will
be offering plans through the Marketplace, including a new carrier, Oscar
Health. Peak Health Alliance will also offer plans through the Marketplace to
residents of Summit County via Bright Health.
Open
Enrollment runs from November 1, 2019, to
January 15, 2020. Consumers must enroll by December 15 to have coverage
in place by January 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
