Coloradodans to Save on Health Insurance Premiums in Personal and Small Group Markets by 2022 | New
Coloradians who buy their own health insurance or received it from a small business could save an average of 24.1% on individual premiums for 2022, according to an announcement made today by Governor Jared Polis and the Lieutenant Governor Dianne Primavera.
The Polis administration on Wednesday released the final and approved health insurance plans and premium data for 2022 during a visit to Silverthorne.
Reinsurance, which required the state to obtain a federal waiver, helps health insurance companies deal with high-cost insurance claims. The savings are then passed on to consumers. The reinsurance program is licensed by the Biden administration until 2026.
The program is financed by the collection of fees from hospitals and health insurance companies: 1.15% on premiums collected for non-profit insurers and 2.1% on for-profit insurers, and on the basis of premiums collected from health insurance schemes during the previous calendar year. Hospitals will collectively pay $ 20 million in 2022 and 2023 to the program. Hospitals are prohibited from passing these costs on to consumers. The money is then redistributed to pay for costly claims.
For the year of the 2021 plan, the reinsurance program was to allow the Coloradans to save an average of 21% on health insurance premiums in the individual and small group market (2 to 100 employees).
The Polis administration said the average savings for 2022 will be higher in rural Colorado. In Summit County, savings could reach 36.5% and 36% in Grand Junction.
“We are very proud to be in Summit County to announce that our bipartite reinsurance program will save families and individuals even more money on their health insurance next year while providing quality care. “Polis told Silverthorne. “Colorado residents in rural, suburban and urban communities are tired of paying too much for health care, and our reinsurance program offers real relief and real savings to small businesses and people who are uninsured. their employer. ”
Primavera added that “Colorado’s reinsurance program has been and will continue to be an incredibly powerful tool in helping people save money on health care.”
But the savings don’t mean that insurance premiums will go down. Those who buy individual plans will see an increase on average of 1.1%, but there will be more options for consumers to choose from, from 326 plans in 2021 to 527 in plan year 2022.
In the small group market, premiums are expected to increase on average 4.4%.
Companies offering health insurance plans in the small group and personal market are Anthem, Bright Health, Cigna Health, Denver Health, Friday Health, Kaiser, Rocky Mountain Health Plans, and Oscar Insurance Company. Jackson County will be the only county to have a single insurer, up from 10 a year ago.
In 2022, for the first time, low-income Coloradians are expected to be able to find additional financial assistance to pay health insurance premiums, thanks to fees taken from the 2020 reinsurance bill. state tpipe with incomes between 1.5 and 2 times the Federal Poverty Level (FPL) – which means an annual income between $ 19,320 and $ 25,760 for a household of one, or between $ 39,750 and 53,000 $ for a family of four – can get help cut costs when receiving care, such as co-payments, coinsurance and deductibles. Additional assistance is available through Colorado Affordability health insurance business. This funding is is expected to help more than 50,000 existing and new individual insurance members. People can take advantage of this opportunity by purchasing 2022 coverage through Connect for Health Colorado and choosing a silver level plan, according to the DOI.