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.
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.
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