Nearly 24,000 Coloradans have signed up for a health insurance plan through Connect for Health Colorado’s Marketplace for coverage starting Jan. 1, 2020. More Coloradans buying their own health insurance are seeing lower premiums, largely due to the reinsurance program that passed this year. Reinsurance helps insurers with their most costly claims. However, given the complexities of how financial help available through the Marketplace is calculated, current customers should shop around to reduce monthly costs.
On average, those who qualify to automatically renew their plan would lower their premiums by 15 percent (compared to 2019) if they switch to the lowest-cost plan in their current level of coverage. Almost 98 percent of returning customers so far have shopped around and signed up for a different plan in their current level of coverage to take advantage of savings in 2020. “I am encouraged that our message to actively compare plans and review plan options is resonating,” said Connect for Health Colorado CEO Kevin Patterson.