Why the Polis administration is celebrating even though health insurance rates are set to rise next year
Health insurance premiums for people who buy coverage on their own are set to increase by nearly 10% next year.
But that is slightly lower than insurers had initially requested, and the Polis administration found other reasons to cheer in the numbers it released Monday.
Nearly one-third of Colorado Option plans sold in the individual market and 80% of Colorado Option plans offered in the small-group market — where small employers buy plans for their workers — are expected to hit the state-set price targets.
Those numbers are far better than what it appeared they would be when insurers earlier this year filed their rate requests and raised questions about the sustainability of the Colorado Option, which aims to offer better coverage at less-expensive prices. The program is one of Gov. Jared Polis’ signature health care policies.
“The division continues to hammer away at health care costs, working to limit rising costs and save people money on health care,” Colorado Insurance Commissioner Michael Conway said in a statement. “As it does every year, our team dug deep into what the companies filed to push down on what they wanted to charge.”
Others were not as enthusiastic. Saskia Young, the executive director of the Colorado Association of Health Plans, an insurer trade group that often spars with Conway, noted that fewer overall plans will be offered next year and said the increasing premium prices are due in part to new coverage requirements that the Division of Insurance has championed.