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Coloradans to save on health insurance premiums in individual and small group markets for 2022

Coloradans who purchase their very own medical health insurance or acquired it from a small enterprise might save on common 24.1% on particular person premiums for 2022, in response to an announcement at this time by Gov. Jared Polis and Lt. Gov. Dianne Primavera.

The Polis administration launched closing, accepted medical health insurance plans and premium information for 2022 on Wednesday throughout a go to to Silverthorne.

The financial savings will come by means of the state’s reinsurance program, approved by means of legislation by the 2019 Colorado Normal Meeting. A 2020 bill restructured this system’s financing.

Reinsurance, which required the state to acquire a federal waiver, helps medical health insurance firms with high-cost insurance coverage claims. The financial savings are then handed on to shoppers. The reinsurance program is allowed by the Biden administration by means of 2026.

This system is paid for by levying charges on hospitals and medical health insurance firms: 1.15% on premiums collected for nonprofit carriers and a pair of.1% on for-profit carriers, and based mostly on premiums collected on well being advantages plans within the previous calendar yr. Hospitals collectively pays $20 million in 2022 and 2023 to this system. Hospitals are prohibited from passing on these prices to shoppers. The cash is then redistributed to pay for high-cost claims.

For the 2021 plan yr, the reinsurance program was projected to save lots of Coloradans a mean of 21% on medical health insurance premiums within the particular person and small group (2-100 workers) market.

The Polis administration mentioned the typical financial savings for 2022 will likely be greater in rural Colorado. In Summit County, financial savings might attain 36.5% and 36% in Grand Junction.

“We’re so proud to be in Summit County asserting our bipartisan reinsurance program will save households and people much more cash on their medical health insurance subsequent yr whereas delivering high quality care,” Polis mentioned in Silverthorne. “Coloradans in rural, suburban, and concrete communities are uninterested in paying an excessive amount of for well being care and our reinsurance program delivers actual aid and actual financial savings for small companies and individuals who don’t get their insurance coverage by means of their employer.”

Primavera added that “Colorado’s reinsurance program has been, and can proceed to be, an extremely highly effective instrument in serving to folks lower your expenses on well being care.”

However the financial savings do not imply that insurance coverage premiums are going to go down. Those that purchase particular person plans will see a rise on average of 1.1%, however there will likely be extra choices from which shoppers can select, from 326 plans in 2021 to 527 for the 2022 plan yr.

Within the small group market, premiums are anticipated to extend on average by 4.4%.

Firms providing medical health insurance plans within the small group and particular person market are Anthem, Shiny Well being, Cigna Well being, Denver Well being, Friday Well being, Kaiser, Rocky Mountain Well being Plans and Oscar Insurance coverage Firm. Jackson County would be the solely county with one insurer, down from 10 counties a yr in the past.

In 2022, for the primary time, low-income Coloradans ought to be capable to discover further monetary help to pay for medical health insurance premiums, by means of the charges levied within the 2020 reinsurance invoice. In keeping with the state Division of Insurance coverage, those with incomes between 1.5 and a pair of instances the Federal Poverty Degree (FPL) — that means an annual earnings between $19,320 and $25,760 for a family of 1, or between $39,750 and $53,000 for a household of 4 — will be capable to get assist to decrease prices when receiving care, comparable to co-pays, coinsurance and deductibles. The extra assist is obtainable by means of Colorado’s Health Insurance Affordability Enterprise. That funding is anticipated to assist greater than 50,000 present and new enrollees in particular person insurance coverage. Individuals can benefit from this chance by enrolling for 2022 protection by means of Join for Well being Colorado and selecting a silver-level plan, in response to DOI.

 

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