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What Kind of Health Insurance Exchange in Colorado?

Colorado has a state stock exchange, Connect for Health Colorado. The state passed legislation in 2011 to create a stock exchange, and it is among only 13 states (including the capital) operating its exchange and registry platforms for 2020 coverage.

Although some airlines went off the Colorado Stock Exchange in late 2016, as has happened in most states, Connect for Health Colorado remains one of the strongest exchanges in the country, with eight airlines presenting plans for 2020, including newcomer Oscar. . In the single-family market, there are 130 exchange plans available in Colorado in 2020, and it will grow to 159 in 2021.

Colorado implemented new regulations for short-term health plans in 2019, effectively eliminating them in the state. As of April 2019, there are no longer any short-term plans to sell in Colorado. But Colorado is among the states with the highest enrollment rate with Department of Shared Healthcare plans, which are sometimes seen as another alternative to ACA-compliant health plans.

When is Colorado 2021 Open Enrollment Health Insurance?

Colorado has permanently extended open enrollment, running from November 1 to January 15 of each year. Open enrollment for 2021 health plans will begin on November 1, 2020 and will continue through January 15, 2021. Enrollments completed before December 15, 2020 will be covered beginning on January 1, 2021. Enrollments completed Between December 16 and January 15 they will be covered from February 1, 2021.

As a result of the coronavirus pandemic, almost all state exchanges have opened special registration periods to allow uninsured residents to register for health coverage (HealthCare.gov, the exchange platform used in 38 states, does not offer the specific COVID registration period). The Colorado Stock Exchange opened a special reporting period for COVID-19 that ended on April 30; More than 14,000 people signed up for the plans through an exchange during that period. This special enrollment period was for those who did not have the minimum basic coverage, so it was not an opportunity for people to change their current coverage, but it was an opportunity for people with plans that did not have the minimum basic coverage ( like those of the Department of Shared Health Care) will switch to an insurance policy. Real.

Now that the special registration period for COVID-19 has expired, the rules for the regular special registration period on the Colorado Stock Exchange apply. So people with eligible events continue to have the opportunity to sign up for coverage. Loss of other coverage is always the most common qualifying event, and this is especially true in light of the widespread loss of jobs due to the pandemic.

How much does individual health insurance cost in Colorado?

In 2020, the average total price premium (prior support) for plans purchased through Connect for Health Colorado is around $ 482 per month, well below the national average of $ 576 per month. But nearly three-quarters of those enrolled in the Colorado exchange receive premium benefits averaging $ 374 per month in 2020.

2020 was the first year that average insurance premiums for ACA-compliant health plans fell in Colorado, and the average rate fell more than 20 percent for individual market plans by 2020. But as shown below then this applies to people who pay The full price is covered. Many people who receive premium benefits have seen increases in post-support payments.

By 2021, average premiums will decline again in the Colorado individual market. Although insurers in the state suggested increasing the average gross rate by 2.2 percent by 2021, the Colorado Department of Insurance agreed to reduce the average gross rate by 1.4 percent. But this is only average; The actual price changes people face will vary greatly depending on where they live, which insurance company they use, and, if they make a premium benefit, how much the standard premium changes in their area.

Contrary to the national trend, bronze plans are becoming the most popular option in Colorado as of 2016, with 45 percent of enrollees choosing bronze during open enrollment. Nationally, Silver plans are twice as popular as Bronze plans on all state exchanges, and more than three times more popular than Bronze plans in states that use Healthcare.gov. Bronze plans were also more popular in Colorado than other states in 2014 and 2015, but 2016 was the first year that selections for bronze plans outperformed silver in Colorado. This continued to be the case in 2017, 2018, 2019 and 2020.

Colorado has a lower-than-average percentage of enrollees who qualify for premium benefits (although the number of people eligible for benefits increased when premiums increased dramatically in 2017 and 2018), so there are a large number of enrollees who pay the price. . Full coverage of them. Bronze plans are the least expensive option, so they tend to attract people who have to pay full price. In 2020, two-thirds of unsubsidized buyers in Colorado chose Bronze plans.