CO Obamacare rate hikes up to 40 percent for 2017

CO Obamacare rate hikes up to 40 percent for 2017

DENVER—The Colorado Division of Insurance (DOI) today released the preliminary information for proposed health insurance plans and premiums hikes for 2017, as high as 40 percent.

Advancing Colorado Chief Jonathan Lockwood released the following statement:

“Coloradans get sucker-punched harder year after year by skyrocketing health care costs that we were promised would come to an end under Obamacare. The insurance commissioner once said Obamacare is like flying a plane while building it, and now she says it is still in the stabilization phase. It is anything but stable with the exodus from the exchanges and plans constantly getting cancelled. Obamacare is flunking another year in a row, shocking no one. It will be interesting to see what happens with these preliminary requests and it is something Coloradans will need to watch out for.”

According to the DOI, four insurance companies will not offer or will significantly rake back that amount of individual plans next year and a number of companies currently offering individual plans are seeking significant premium hikes for their 2017 individual plans.

“As we prepare for the fourth open enrollment of the Affordable Care Act, it’s worth noting that we’re still in the stabilization phase,” said Colorado Insurance Commissioner Marguerite Salazar in a DOI press release this morning. “Companies are still figuring it out — where to sell, how to sell, how to price — which is why we’re seeing some companies pull back on individual plans or requesting significant increases, while still other companies are coming into the market. Some companies have done a better job of figuring out how to operate in this new environment and compete for people’s business, while others must step back and reevaluate their approach.”

Leaving many areas in the state with only one health care choice on the exchange, UnitedHealthcare and Humana Insurance will not offer individual plans in 2017. In addition, Anthem Blue Cross and Blue Shield decided it will not offer its PPO (Preferred Provider Organization). In total, at least 92,000 people, or twenty percent of the individual market consumers, with individual plans from UnitedHealthcare, Humana Insurance, RMHP and Anthem, will need to find new coverage.

From the DOI:

Company Requested Overall Change
Anthem BCBS (HMO Colorado) 26.8%
Bright Health Plans New to market
Cigna 9.5%
Colorado Choice 36.33%
Denver Health 0.08%
Freedom Life Insurance 9.98%
Golden Rule 40.6%
Kaiser Foundation Health Plan of Colorado 13.6%
National Foundation Life 9.98%
Rocky Mountain HMO 34.6%