Colorado health insurance premiums expected to jump by 10% next year

Coloradans who buy their health insurance on the individual market, rather than getting coverage through their employer, will see around a 10% increase in their premiums next year, the state’s Department of Insurance announced Tuesday.

The state’s average is less than the 15% national median, but it differs based on region. People in the Grand Junction area will experience a 15.5% increase, while those in the Eastern Plains are on the lower end with a 5.9% increase.

In the small group market, premiums are expected to increase by 14%. Rates increase every year to some extent.

“Despite the loss of the enhanced premium tax credits, we are doing everything we can to keep health insurance prices down so Coloradans can afford access to health care,” Michael Conway, the state’s insurance commissioner, said in a statement. “I want to thank our rate review team for all their hard work this filing season. Because of their diligence, we are saving Coloradans millions of dollars. But make no mistake: Congress still needs to restore the subsidies that millions of Americans relied on to afford their health insurance.”

Conway was referring to Congress’s failure to extend subsidies, known as enhanced premium tax credits, that helped people afford health insurance on the individual market set up by the Affordable Care Act.

Colorado’s individual health insurance marketplace is called Connect for Health.

Colorado lawmakers passed a bill this year to fund its own smaller insurance subsidy. Financially-assisted customers in Colorado will have a monthly premium increase of around $20, versus around $69 per month without the support, according to the state.

Open enrollment begins Nov. 1.