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Experts estimate premiums would have increased by an average of 23% without reinsurance.
DENVER — Coloradans can expect to see their health insurance premiums increase by up to 5.5% next year, according to forecasts from the Department of Regulatory Affairs’ Department of Insurance. However, the state says that increase could have been more than four times higher if it hadn’t implemented a reinsurance program four years ago.
During the 2019 legislative session, lawmakers passed the bipartisan HB 1168, which allowed the state to file for a federal State Innovation Waiver to fund a reinsurance program aimed at stabilizing the market and lower premiums. The application was approved, and the program officially began in 2020.
While Coloradans might be paying less than they would have without reinsurance, health insurance premiums in the state remain among the highest in the nation. According to a Forbes study, Colorado ranks 12th in the nation for highest insurance premiums. A study by consumer research company ValuePenguin found Colorado had the sixth-highest premium increase in the nation from 2023 to 2024, with rates increasing by 9% for a 40-year-old with a mid-range silver plan.
> Read the full story at Colorado Politics.
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