Individual-market insurance premiums will rise by an average of 27 percent next year in Colorado, while small-group insurance costs will rise 7.5 percent, according to figures released Friday by the Colorado Division of Insurance.
Colorado Insurance Commissioner Marguerite Salazar attributed the boosts largely to the uncertainty over what changes to health-insurance law will be made by Congress, particularly in regard to the possible end of programs that reimburse insurers that take on a large number of high-risk patients.
While the boost in policy prices will hurt Coloradans, however, she said Friday that she was heartened that only one insurer — Golden Rule Insurance Company, a subsidiary of UnitedHealthCare that had only a little more than 10,000 lives it covered — decided to leave Colorado’s individual market altogether next year.
The individual-market hikes come on the heels of a 20 percent average boost in premiums this year for people who do not get their health insurance through employers. The small-group hikes, meanwhile, are more than 3 times the 2.1 percent boost that companies of 100 or fewer workers paid in 2017.
Read more about hikes in insurance rates at the Denver Business Journal.