If you buy health insurance on your own without help from an employer — and without receiving subsidies from the state or federal government — this will come as unwelcome news: Prices for coverage next year will increase by an average of 10% across the state and by even more if you live in the mountains or on the Western Slope.
The state Division of Insurance announced the price increases Tuesday, pinning blame for the rising rates in part on Congress’ refusal to extend some price subsidies last year. Rising healthcare and prescription drug costs are also to blame.
Colorado somewhat made up for the loss of the enhanced subsidies by scraping together funds to pay for its own insurance subsidy. The state credits that with keeping prices from rising even more. Nationwide, the average increase for next year is around 15%.
Prices increased last year by an average of 23% statewide.
Those who are eligible for the state subsidy and the remaining federal subsidies will see their monthly premiums rise by about $20 per month, according to the Division of Insurance. To be eligible for the subsidies, you have to make less than 400% of the federal poverty level, which in 2027 will be $63,840 for a single person and $132,000 for a family of four. Marty Lenz talked with Lance Benzel about the increases, why Colorado's increase is lower than the national average, but why Coloradoans living in the mountains or on the Western Slope will pay more.
Read the full article on the Colorado Sun's website.
