• Health Insurance Rates

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    September 19, 2017

    I can customize a plan that works for you saving typically 30-51% from these premiums.  Call today for a quote: 303-457-0056.  Kim Coleman Insurance.

    Premium Increases

    All of the insurance companies have requested premium increases for their plans in the individual market for 2018. For individual plans, the average premium request across all companies is 26.96 percent. In the small group market, the average premium request across all companies is smaller, 7.46 percent. These are averages across all of the plans a company is offering, across all areas of the state where a company offers plans, and for all ages. These do not represent how one person’s premium could change.

    “Remember that these are only what the companies have requested and are not the final premiums,” noted Commissioner Salazar “The companies must justify their premiums to the Division of Insurance, and our staff will review those justifications over the summer.

    “However, these premium increases are not a surprise,” she continued. “I believe that the dubious situation at the Federal level has contributed to the  premium increase requests we’ve seen from the companies.”

    The Rate Review Process
    The Division of Insurance will spend the summer reviewing these plans to make sure the requested premiums are neither too high nor too low, and ensuring that the plans comply with the Affordable Care Act (ACA) and state laws.

    • The Division of Insurance does not set insurance premiums, but will review what the companies submitted to determine if the requested increases or decreases are justified.
    • The Division of Insurance checks to make sure the premiums are sufficient for the company to continue to pay its members’ claims.
    • The Division of Insurance verifies whether the plans meet the metal tier coverage levels:  bronze (an average of 60 percent of medical expenses paid by the plan), silver (70 percent), gold (80 percent) and platinum (90 percent).  
    • The Division of Insurance also reviews the benefits and the plans’ networks of healthcare providers to make sure that they meet state and federal requirements.   
    • The Division will release the final approved plans and premiums for 2018 in late summer / early fall, along with summary information and analysis.

    Preliminary Number of Plans and Carriers / Requested Premium Changes
    The information below on the number of plans and carriers and the requested premium changes for 2018 is preliminary. The information only reflects what the carriers have requested, not the final approved plans for 2018. Any requested premium has to be justified by the insurance carrier.

    Number of Individual & Small Group Plans for 2018
     

      Individual Small Group Total
    On-exchange 124 75 199
    Off-exchange 131 471 602
    Total 255 546 801

    Number of Carriers On / Off-Exchange for 2018
    In total, 17 insurance carriers plan to offer individual and small group plans in Colorado in 2018.

      Individual Small Group
    On-exchange 7 1
    Off-exchange 9 13

    INDIVIDUAL Medical Plans, Average REQUESTED Premium Change, by Company
    Average individual premium requests across all companies: 26.96%

    Company Average Requested Change* SERFF Tracking Number**
    Anthem (HMO Colorado) 30.2% AWLP-131075111
    Anthem (Rocky Mtn. Hospital & Medical Service Inc.) 33.5%  

    AWLP-131075069

    Bright Health Insurance Company 15% BRHP -131071516
    Cigna Health & Life Insurance 41.2% CCGH-131026399
    Colorado Choice Health Plans 28.9% COHP-131084953
    Denver Health Medical Plan, Inc. 12.7% DVHH-131084752
    Freedom Life Insurance Company of America 27%  

    USHG-131069079

    Kaiser Foundation Health Plan of Colorado 24.4% KFHP-131050040
    Rocky Mountain HMO 12.1%

    LEIF-131074217
     

    * Averaged over all individual plans continuing from 2017 into 2018 that a company proposes to sell, in all areas of Colorado where the company does business, for all ages.
    ** The SERFF Tracking Number is way to search for the filing on the Division of Insurance’s system.
    The Division believes that National Foundation Life Insurance Company will also be in the marketplace in 2018. However, the company did not file for a rate increase.

    SMALL GROUP Medical Plans, Average REQUESTED Premium Change, by Company
    Average small group premium requests across all companies: 7.46%

    Company Average Requested Change* SERFF Tracking Number **
    Aetna Health Inc. New Plans for 2018 AETN-131042366
    Aetna Life Insurance Company New Plans for 2018 AETN-131042302
    Anthem (HMO Colorado) 18.1% AWLP-131075085
    Anthem (Rocky Mtn. Hospital & Medical Service Inc.) 12.9% AWLP-131075058
    Colorado Choice Health Plans 27.3% COHP-131084853
    Humana Health Plan Inc.  8.2% HUMA-131065459
    Humana Insurance Company 8.3% HUMA-131065460
    Kaiser Foundation Health Plan of Colorado 3.2% KFHP-131050146
    Kaiser Permanente Insurance Company 6.4% KFHP-131050242
    Rocky Mountain Health Care Options, Inc. 25.9% LEIF-131074234
    Rocky Mountain HMO -1.7% LEIF-131074196
    UnitedHealthcare Insurance Company 3.8% UHLC-131066987
    UnitedHealthcare of Colorado, Inc. 6.9% UHLC-131067007

    * Averaged over all small group plans continuing from 2017 into 2018 that a company proposes to sell, in all areas of Colorado where the company does business, for all ages.
    ** The SERFF Tracking Number is way to search for the filing on the Division of Insurance’s system.

     
    Contact:
    Kim Coleman, Independent Insurance Agent
    kimcolemaninsurance@gmail.com, (303) 457-0056
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