Last week, the Colorado Health Insurance Exchange announced which insurance carriers plan to offer insurance policies through the Colorado Health Insurance Exchange, called "Connect for Health Colorado." Eleven (11) insurance carriers are seeking approval to offer approximately 250 health plans to individuals and small groups through the public Exchange.
The Colorado Health Insurance Exchange will be an online marketplace where where Colorado individuals and families can shop for health insurance plans and receive access to federal tax credits. Colorado small businesses will also have access to a group marketplace (the SHOP). The Colorado Health Insurance Exchange will open for enrollment October 1, 2013 with coverage beginning January 1, 2014.
The Colorado Division of Insurance (DOI), who regulates insurance carriers in Colorado, will formally review all plans. The deadline for carriers to submit plans was May 15, 2013. The DOI will review plans by July 31, 2013.
Colorado Health Insurance Exchange - Proposed Carriers
The following carriers proposed to offer plans through Colorado's individual and/or small group exchange:
- All Savers Insurance Company (Individual)
- Anthem (HMO Colorado and Rocky Mountain Hospital & Medical Service) (Individual and Small Group)
- Cigna Health and Life Insurance Company (Individual)
- Colorado Choice Health Plans (Individual and Small Group)
- Colorado Health Insurance Cooperative (Individual and Small Group)
- Denver Health Medical Plan (Individual)
- Kaiser Foundation Health Plan of Colorado (Individual and Small Group)
- New Health Ventures (Individual)
- Rocky Mountain HMO (Individual & Small Group)
- Rocky Mountain Health Care Options (Small Group)
- See Change Health Insurance Company (Small Group)
Click here to view the full list of proposed carriers and plans.Note: The list includes carriers who proposed to offer plans on and off the exchange in 2014.
Colorado Health Insurance Exchange - Proposed Rates
According to the DOI, monthly premiums for the new health insurance plans vary widely, depending on what portion of medical expenses the plan will pay and what portion consumers pay in co-pays and other out-of-pocket expenses. The DOI states they have already identified that some rates/plans do not meet the ACA requirements. The final plan review will ensure that all plans offered through the Exchange will meet ACA regulations.
Two examples of individual plan rates for a 40-year old non-smoker on a Silver-rated plan (before individual premium subsidies) are:
New Health Ventures, Access Health Colorado Plan (Area 1) $458.89/month
Cigna Health & Life Insurance Company, Copay Assure Silver $356.88/month
To look up additional individual or small group premium rates go to: www.dora.colorado.gov/healthinsurance.
Tip: Click on “Premium Rate Review,” then “Search for Rate Filings.” Click on “search for premium rate filings.” You can look up each plan by carrier name, and enter in 5/1/13 start date with no end date. Open the PDF to find plan rates.
Photo credit: Flickr, Steven Bratman