July 16, 2019
Denver, CO — Governor Jared Polis today announced preliminary rates for individual health insurance plans in 2020. Thanks to the reinsurance program, premiums for individual health insurance plans are projected to decrease in Colorado by an average of 18.2 percent. In response, Senator Kerry Donovan (D-Vail) – Senate sponsor of HB19-1168 – released the following statement:
“For far too many Coloradans, particularly those in rural communities, the cost of a health insurance plan looks more and more like a second mortgage. That’s a cost few can afford and the reason why I worked hard to create a reinsurance program. The reinsurance program is an innovative, Colorado solution that will help people save money on healthcare and have a real and immediate impact on Coloradans all across the state.”
The average decrease in the cost of an individual health insurance plan ranges from 10.3 percent (-10.3%) to 33.5 percent (-33.5%), with a state-wide average reduction of 18.2 percent (-18.2%) over 2019 individual premiums, across all plans and from all health insurance providers. People in western Colorado could see as much as a 29 percent premium decrease due to the reinsurance program.
For more information about the HB19-1168, please visit https://leg.colorado.gov/bills/hb19-1168HB19-1168.