An analysis of proposed individual health insurance plans shows that insurers have filed 150 plans and rates in the individual market and there will be 93 plans in the Small Business Health Options Program (SHOP) with Colorado’s Division of Health Insurance on May 15, 2013. The Colorado Consumer Health Initiative conducted a preliminary analysis of one “silver level” individual market plan from each of the 10 submitting insurers: All Savers Insurance Company, Cigna, Colorado Choice, Colorado Health Insurance Cooperative, Denver Health, HMO Colorado, Humana, Kaiser, New Health Ventures and Rocky Mountain HMO. Rates will vary by insurer and region, but take a look below at their findings:
Denver Individual Plans
- 27 year old: $207 to $373 per month
- 40-year old: $253 to $454 per month
Denver Family Plan (2 parents age 40, children under 18)
- $756 to $1,360 per month
Fort Collins Individual Plans
- 27-year old: $197 to $406 per month
- 40-year old: $240 to $495 per month
Fort Collins Family Plan (2 parents age 40, children under 18)
- $718 to $1,481 per month
Greeley Individual Plans
- 27-year old: $238 to $408 per month
- 40-year old: $240 to $498 per month
Greeley Family Plan (2 parents age 40, children under 18)
- $718 to $1,491 per month
The CCHI anticipates that most consumers will not pay these prices since low and middle-income Connect for Health Colorado marketplace consumers will be eligible for advanced premium tax credits based on income. For example, a 40-year old earning $29,000 a year, paying a premium of $350 per month would be eligible for a subsidy of up to $154 per month and would contribute $196 per month for his or her health plan. Families of four making up to $94,000 will be eligible for premium subsides as well. According to a recent report from the health care consumer organization Families USA, 466,000 Coloradans will be eligible to receive health care tax credits if they purchase insurance through the Colorado marketplace.
You can check out how much in subsidies you might quality for by using the Kaiser Foundations tax subsidy calculator.
On the small group side, six insurers submitted plans and rates for the SHOP: Colorado Choice, Colorado Health Insurance Cooperative, HMO Colorado (Anthem), Kaiser, Rocky Mountain HMO and See Change. Again, CCHI found that rates for individuals in the SHOP will vary by insurer and region:
Denver Small Group Plans
- 27-year-old: $252 to $341 per month
- 40-year old: $307 to $415
Fort Collins Small Group Plans
- 27-year-old: $239 to $399 per month
- 40-year-old: $292 to $487 per month
Greeley Small Group Plans
- 27-year-old: $239 to $415 per month
- 40-year-old: $292 to $506 per month
View the CCHI’s complete analysis of the rates here:
Of course, all rates must be approved by the Colorado Division of Insurance. They have 60 days to review the filings.
The following is an excerpt from the Connect for Health Colorado website by Patty Fontneau, Executive Director and Chief Executive Officer, Connect for Health Colorado:
I wanted to provide an update in response to questions we received about how much health plans will cost when our health insurance marketplace opens in October. The Division of Insurance posted information about preliminary filings and the Colorado Consumer Health Initiative conducted an analysis of those filings. We’re also analyzing the preliminary filings and are encouraged to see a broad range of costs. These monthly costs will be further lowered for many Coloradans by new financial assistance (tax credits) available only through Connect for Health Colorado.