Source: Colorado Politics

October 26, 2022

Colorado’s insurance premiums will increase by double digits in the small group pool and by a substantial amount in the individual market next year, rate changes the state released on Tuesday show, leading the trade association for health insurers to argue that the Polis administration “chose politics over math.”

Coloradans face a 10.4% hike in the small group market, which insures companies of between two and 100 employees, and 7.4% in the individual market, which serves people who must pay for their own health insurance, in 2023.

Despite the spike in insurance premiums, the Polis administration insisted that Coloradans will see savings – to the tune of $326 million –  and credited its actions for “driving substantial savings.” But those savings are primarily through reinsurance and are not included in the information consumers will see when they shop for health insurance when open enrollment starts next Tuesday, Nov. 1.