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Small Business Employee Benefits and HR Blog

Colorado Health Insurance Exchange Update - Plan Rates Finalized

On August 16, 2013 the Colorado Department of Insurance (DOI) released the final health insurance plan rates that will be offered through the Colorado Health Insurance Exchange.

The Colorado DOI approved 541 new health insurance plans from 18 carriers to offer coverage to individuals/families and small businesses starting January 1, 2014. These include plans that will be offered on the exchange, and off the exchange. (For background, see this article on the proposed rates for the CO Health Insurance Exchange.)

Open enrollment starts October 1, 2013 and lasts until March 31, 2014.

Colorado Health Insurance Exchange - Final Individual Rates 

The monthly premium rates for the plans offered on Colorado's Health Insurance Exchange, called "Connect for Health Colorado," will vary widely by type of coverage selected and location.

Regarding coverage, all plans will be offered in four metallic tiers of coverage: bronze (60% of costs paid by the plan), silver (70%), gold (80%), platinum (90%) and catastrophic. Catastrophic coverage will only be available to individuals under 30, or those 30 and over who meet certain financial eligibility requirements. However, within each tier of coverage the plans will vary by deductible, co-pays, and out-of-pocket maximums. Regarding location, plan premiums will vary by geographic region.

A 40-year old individual, non-smoker can expect to pay a monthly premium of between $177 and $524 for a "bronze" plan, or between $311 and $705 for a "platinum" plan.

Colorado Exchange Final Rates

Source: Colorado DOI.

However, it's important to note that those eligible for the individual health insurance premium tax subsidies may see an additional discount. If eligible, the subsidies will cap the cost of health insurance at 2% - 9.5% of household income, if household income is up to 400% above the federal poverty line (FPL). That's equivalent to an individual making up to ~$45,900 in 2014.  

Colorado Health Insurance Exchange - Final Small Group Rates 

The Colorado DOI also released the final rates for small group plans, purchased through the Colorado SHOP exchange.

To cover an employee (single-coverage), a small business can expect to pay a monthly premium of between $224 and $670 for a "bronze" plan, or between $377 and $968 for a "platinum" plan.

Colorado Health Insurance Exchange - Plan Details

Of the 541 plans approved by the Colorado DOI for 2014:

  • 116 plans are exchange plans only (87 individual, 29 small group)
  • 299 plans are non-exchange only (96 individual, 203 small group)
  • 126 plans are both exchange and non-exchange plans 
  • 18 insurers will offer individual or small group plans in 2014 (exchange and non-exchange plans)

Colorado Exchange Plan Rates Details

Source: Colorado DOI

What do you think about the Colorado Health Insurance Exchange final rates? Leave a comment below.

  Colorado Exchange Rates Finalized