DENVER (AP) – Coloradans shopping for health insurance will see double-digit rate hikes next year, a result of insurers leaving the market and cutting plans.
The state Division of Insurance announced Tuesday that the cost of individual plans is going up by an average of 20.4 percent. The rate hikes will affect about 450,000 people in Colorado who don’t have insurance covered by an employer and also don’t qualify for Medicaid or Medicare.
In the small group market, which is made of up small employers, rate increases are much more moderate, averaging 2.1 percent.
About 92,000 people must find new coverage in Colorado next year because their insurance companies have left the market. UnitedHealthcare and Humana Insurance won’t offer individual plans, and Rocky Mountain Health Plans will only offer them in Mesa County.
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