If you get your health insurance through the Affordable Care Act (ACA) marketplace, expect rates to increase by nearly 10% for those living in Colorado.
Two years ago, the state passed a controversial law to create a public option that insurers must offer, including specific benefits and price reductions. Despite that mandate, however, only about one-third of individual plans and 80% of public options for small employers are hitting the targets.
Required public hearings to explain costs were canceled as some insurers aligned their plans with the state mandates. In fact, Colorado Insurance Commissioner Michael Conway said pricing on 73 plans was lowered as part of the program. Still, plans are likely to be about 10% more than 2023 levels for participants, coming on top of a 10.4% increase in 2022.
ACA Rates Nationally
The Peterson Center on Healthcare/KFF tracks pricing for 320 insurers across 50 states. Its August 2023 analysis showed the median proposed premium nationally rising about 6%. Nationally, ACA marketplace plans are increasing between 2% and 10%.
Employer-Sponsored Health Insurance Plans
For employer-sponsored health plans, Reuters reports that premiums are expected to rise 8.5% — what it calls the “biggest healthcare cost jump in a decade.” However, two-thirds of employers say they are not planning to pass on higher costs to employees or will increase the employer contribution.