Health Insurance To Be Costlier For Some Coloradans Next Year

(RTTNews) - For thousands of Coloradans, health insurance coverage would a be a pricey affair next year as they are either being left out by their insurance carriers or others are seeking enormous premium hikes.

According to the Colorado Division of Insurance's preliminary rate adjustment proposals announced Monday, four insurance companies either will not offer or will significantly cut back individual plans next year.

Meanwhile, other medical insurance companies offering individual plans have sought for significantly higher health insurance premium increases in 2017, some as higher as 41 percent.

Amidst the chaos, a new entrant into the Colorado market, Bright Health Plans, will sell individual plans both on and off the exchange, the statement read.

Marguerite Salazar, Colorado's insurance commissioner, said, "In general, the companies have indicated that the people enrolled in individual plans have used more healthcare services and with greater frequency than anticipated."

Colorado Division of Insurance said it will evaluate the requested premium hikes.

"All of us in the industry must tackle the more pressing question of what is driving the increased health costs in the individual market that lead to higher premiums," Salazar added.

The fourth open enrollment of the Affordable Care Act running from November 1, 2016 to January 31, 2017 will see that about 92,000 people seeking new carriers as individual plans from Anthem Cross and Blue Shield, UnitedHealth, Humana, and Rocky Mountain Health Plans would be stopped.

Anthem Blue Cross and Blue Shield has decided not to offer its Preferred Provider Organization or PPO individual plans in 2017, leaving some 62,310 Coloradans without a coverage.

UnitedHealthcare and Humana will exit the individual market, leaving more than 20,000 people without a coverage for 2017. Rocky Mountain Health Plans will keep its presence in the individual market in Mesa County alone, forcing another 10,000 people to find new coverage.

This represents approximately 20 percent of the 450,000 Coloradans who get individual coverage.

Meanwhile, these companies will continue to offer their small and large group plans for employers.

At least 51 percent of people in Colorado, around 2.8 million, would continue to get their health insurance through their employers.

Among the companies seeking premium hike, Golden Rule is requesting a 40.6% hike for individual plans in 2017, and Rocky Mountain HMO and Colorado Choice is seeking 34.6% and 36.33% increase, respectively.

Meanwhile, some others including Cigna and Kaiser Foundation Health Plan of Colorado asked for rate increases of 10 to 14 percent.

Denver Health is the only carrier seeking a relatively flat change, with just 0.08% increase.