DENVER – October 10, 2019 – Today, Governor Jared Polis announced the finalized insurance rates for the 2020 plan year, noting an average decrease in health insurance premiums of 20.2% across Colorado. Members of the Colorado Association of Health Plans worked hard to lower health care premiums for Coloradans and fully support initiatives that help mitigate high prices for health care, notably the reinsurance program.
In response to the finalized rates, Executive Director Amanda Massey stated, “We are pleased that health plans’ efforts to achieve stability and greater affordability on the individual market are beginning to pay off for Colorado consumers. We support innovative, market-based solutions that help to address the high prices of health care that drive premium costs. Every day, health plans work hard to fight for lower prices for Coloradans and the 2020 rates reflect their efforts. We intend to continue working on behalf of Coloradans to sustain greater affordability in health care.”
The reinsurance program was passed by the Colorado legislature in 2019 and aimed to reduce premiums by taking the highest priced claims out of the risk pool. The innovative approach has been supported by the health plans and was approved by the federal government in August 2019.
Health plans submitted their proposed rates to the Commissioner of Insurance, Michael Conway, in June 2019 and the Governor’s announcement confirmed that the premiums submitted have now been accepted and approved by the Division of Insurance. Consumers shopping on the individual market will be able to enroll in the new plans starting on November 1, 2019. Open enrollment continues through January 15, 2020.