Find more details about the processes and methods for the Colorado Option on the Colorado Option website.įor 2023, the Colorado Option is succeeding in increasing the level of competition for health insurance in Colorado. Per the law, plans in the Colorado Option must lower health insurance premiums for individuals, families, and small businesses by 5% in 2023 (compared to 2021 plans), by 10% in 2024, and by 15% in 2025. It will also include new support for Coloradans that have been left out of the financial help provided under the ACA, while expanding subsidies for some consumers enrolled through Connect for Health Colorado. not from an employer) and small employers with 2 - 100 employees. Starting in 2023, the Colorado Option will be available to all Coloradans who buy their health insurance on the individual market (i.e. In addition to covering all essential health benefits required by the ACA, the Colorado Option will have free primary care and free mental health health visits, and has been designed to reduce racial health disparities and improve health equity. As part of the Colorado Option, the DOI has created a Standard Plan which will allow consumers and businesses to easily compare plans and choose the plan that is right for them. The Colorado Option was enacted through HB21-1232, which was signed into law by Governor Polis in June 2021. The Colorado Option will increase the number of plans available to people throughout the state, and in nearly every county, the Colorado Option plans will have premiums that are more affordable than the average non-Colorado-Option plan.” “The Colorado Option will bring strong competition to our individual and small group markets. That makes it even more critical that the federal government authorized the extension of this valuable program through 2027 as part of the approval of the amendment to our waiver for our first-in-the-nation Colorado Option Program," said Colorado Insurance Commissioner Michael Conway. “The Reinsurance Program continues to deliver savings for Coloradans in 2023. “We are setting a national precedent by offering more affordable coverage for our neighbors across the state and including primary care and mental health visits at no additional cost under the Colorado Option.” “I’m really proud of all the work that the Polis-Primavera administration has been able to accomplish to ensure access to high-quality and affordable health care for all Coloradans, including the Reinsurance Program and Colorado Option,” said Dianne Primavera, Lieutenant Governor and Director of the Office of Saving People Money On Health Care. That means without the Reinsurance Program, the increase would have been approximately 23% higher, showing that the Reinsurance Program continues to save people money on health care. Initial analysis by the DOI shows that without the Reinsurance Program, consumers would be looking at an approximate 34% increase in premiums for 2023. This June, the Centers for Medicare and Medicaid Services (CMS) authorized the continuation of the Reinsurance Program through 2027 for individual health insurance plans. These are the health insurance plans available to individuals on Connect for Health Colorado, the state’s health exchange made possible by the Affordable Care Act (ACA). The initial review by the DOI of the insurance companies’ filings for 2023, indicate that the overall average consumer impact on premiums in the individual market will be an 11.3% increase over 2022 premiums. Vincent Reinsurance continues to save Coloradans money on health care, while the Colorado Option Plan is included for the first time.ĭENVER - The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA), has released preliminary information about the health insurance plans and premiums for 2023 - for the individual market (meaning health insurance plans for people who don’t get their insurance from an employer) and the small group market (for small businesses with 2-100 employees).
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