Contact: Monica Caballeros
Email: [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.
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