Colorado Health Insurance Subsidies Dropping
DENVER (AP) - Coloradans getting health-insurance subsidies may have to pay more for coverage next year, or switch insurers.
Officials with Colorado's health-insurance exchange announced Monday that premiums are staying flat, but subsidies for people using the exchange will drop significantly in 2015. That means many will have to pay more, or shop for a new plan or a new insurer.
About 148,000 people signed up for insurance through the Connect for Health exchange. Most of those are getting the subsidies, or tax credits.
The subsidies are going down because they're calculated based on premiums for the mid-level or "silver" tier of benefits. Premiums are falling for that benchmark in eight of the nine geographic areas of Colorado, including metro Denver.
Open enrollment for next year begins Nov. 15.
Connect For Health officials say that customers with dropping subsidies can shop again for health insurance once open enrollment begins. They had no estimate on how many customers they expected to change plans or insurers.
The average share of costs for customers receiving tax credits in 2014 was $161.79 a month, according to state estimates, The Denver Post reported. In 2015, if they keep the same plans, their average share of costs after tax credits will be $281.01.
LINK: Connect For Health Colorado
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