Research conducted by the Colorado Department of Insurance (DOI) shows groups could potentially see a significant spike in premium costs for 2023. Those affected by higher prices include small businesses and individuals who receive health insurance outside of their employer’s health plan.
After reviewing insurance company filings, they show:
- An 11% increase for individuals
- A 9% increase for businesses with fewer than 100 employees
New Option For Coloradans In 2023
With the expected increases in health insurance for 2023, there will be an additional option for Coloradans. The new option will offer plans at a lower cost than the market average. The deadline for individuals to weigh in on this is August 1, 2022.
The DOI will examine the reasoning behind these increases after August 1st. Depending on the findings, the DOI will decide if health insurance increases are reasonable or if prices should be adjusted.
As part of the new lower-cost Colorado option, the DOI has created a Standard Plan to allow consumers and businesses to easily compare plans and choose the best fit. In addition to free primary care and mental health visits, this new plan aims to reduce racial health disparities. However, this will only be available for Coloradans who buy their health insurance on the individual market and for small employers with two to 100 employees. For more information, click here.
Lower Your Healthcare Premiums With GMS
While Colorado is creating additional options to lower the cost of health insurance for individuals, GMS also provides health insurance to small businesses. Small businesses have access to the buying power of large corporations by partnering with GMS, which leads to a greater selection of affordable health insurance options. Through our buying power, we’re able to offer financial security, flexible benefit options, and an unprecedented customer service experience. Contact us today.