The group insurance rates are expected to increase between 13 and 30 percent, but it is the increase for individual health insurance that could skyrocket.
“We have heard from various insurance carriers on the individual market rates could go anyplace from 60 to 120 percent higher than the current market,” Steven Roper with Roper Insurance said.
The initial rate filings have been submitted and I’ll post a link to instructions to look at rates later. Without looking at them, I don’t believe individual Colorado Health insurance rates will rise as much as the article suggests. My reasoning is the CO Dept of Ins (DORA) has been leading the charge in implementing many of the mandates early such as maternity care and gender neutral pricing (to spread maternity out across the rate base requires gender neutral pricing). We’ll find out soon enough.
Another issue to keep in mind is that some companies are restructuring their individual insurance policies such that they will not “renew” until Dec 2014. This will allow you to keep your present plan as long as possible (assuming you don’t have a Grandfathered plan). These companies are Cigna, United HealthOne and Assurant Health.