Health Insurance RatesSeptember 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.
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%
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%
Kaiser Foundation Health Plan of Colorado 24.4% KFHP-131050040 Rocky Mountain HMO 12.1%
* 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 Agentkimcolemaninsurance@gmail.com, (303) 457-0056