DENVER (KDVR) — One other area where costs are expected to extend now: medical health insurance.
Preliminary data from the Colorado Department of Insurance indicates some groups could see a big spike in premium costs next yr.
There’s a window of opportunity for these numbers to vary. As of now, small businesses and folks who get medical health insurance outside their employer’s health plan could see higher costs.
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Health groups, just like the Colorado Consumer Health Initiative, and small businesses and individuals are experiencing a little bit of sticker shock when the state’s preliminary report for individual market health premiums next yr.
“After we saw the double digits, it’s loads higher than the speed increases we’ve seen within the last couple of years, so it took an initial double check to say, ‘Am I the correct information for the small group and for the person rate filings?’” said Mannat Singh, the chief director for the Colorado Consumer Health Initiative.
Per the department, seven insurance firms have proposed to supply 399 individual plans next yr. Their findings from insurance company filings show an 11% average increase for people and about 9% for businesses with fewer than 100 employees.
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Although the upper rates would will impact wallets, they might have been higher.
“The important thing thing noticed again were those double-digit increases, but we also saw the comparison of how much worse those increases would have been if it weren’t for the Colorado Reinsurance Program,” Singh said.
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That program was implemented back in 2020 and reduces premiums routinely for people using individual insurance. So as an alternative of an 11% increase next yr, people on these plans might have been a 34% increase next yr.
Inflation, COVID-19 and workforce issues are among the many causes the department will look into.
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Coloradans on this market can have one latest option in 2023. That can also be when the state’s public health option is ready to launch. It offers a lower-cost option than other insurance coverage out there.
“I wouldn’t tell a person what plan to get for their very own healthcare, however the Colorado option is there specifically for consumers to buy inexpensive plans and permit them that access to care,” Singh said.
The general public has a chance to weigh in on this now through Aug. 1.
After that, the DOI will have a look at the reasoning behind the increases and determine in the event that they are justifiable or need to come back down. The method is ready to be done by mid-October ahead of the open enrollment period.