Of all the monthly costs in a family’s budget, health insurance is not only one of the biggest, but it’s also one of the most important. Here’s a quick look at what’s going on with Colorado Health Insurance Trends for 2023.

Prediction Colorado Health Insurance Trends for 2022

Colorado Health Insurance Marketplace 2023: Key Trends and Changes:

According to information published by Colorado health insurance companies, here are some of the trends and changes we will see in the marketplace in 2023:

  1. Like other states, Colorado has implemented an extended Open Enrollment period that lasts until January 15th. This is likely to be a permanent change.
  2. Colorado individual health insurance rates are increasing by about 1.1% for 2023.
  3. The “benchmark” plan has been updated to include additional mental care, opioid treatments, and more.
  4. With Colorado Senate Bill 215, enacted in 2020, the state’s reinsurance program has been funded for another 5 years, providing additional cost-sharing to enrollees with an income between 150% and 200% of the poverty level.
  5. Colorado is asking for federal input about a waiver that would make catastrophic-level health insurance plans available for everybody.
  6. There are now 8 insurers that offer exchange health insurance plans in Colorado. The most popular insurers include Anthem, Bright Health, Cigna, Kaiser, and Rocky Mountain Health Plans.

2023 Colorado Health Insurance Trends: Frequently Asked Questions [FAQ]

Q: When is Colorado Health Insurance Open Enrollment for 2023?

A: In Colorado and across the country, the health insurance marketplace’s Open Enrollment has been extended until January 15th. In certain parts of the country, however, this date can be as late as January 31st.

Q: Should I Shop on the Connect for Health Colorado Marketplace?

A: Finding the best health insurance plan these days requires more than just signing up for the plan with the lowest premium. To find a plan that really fits your needs, both in terms of monthly cost and total level of coverage, it’s best to speak with a professional.

If you still need a health insurance plan for 2023, click here to get a no-cost consultation with a Personal Benefits Manager.

Q: Do I Qualify for an Expanded Health Insurance Subsidy?

A: As of 2021, more Americans than ever qualify for some form of federal health insurance subsidy. In addition, individuals and families who already qualified for a subsidy will probably see their subsidies increase.

Q: Does Colorado Charge a Penalty for Not Having Insurance

A: There is no longer a federal penalty for not having a health insurance plan. In addition, Colorado has not implemented a state-level penalty the way that states like California have.

However, having some form of health coverage is extremely important. Without a health plan, an unexpected illness or injury could lead to hundreds of thousands of dollars in medical bills.

At ColoHealth, we strive to make sure that everyone who wants health protection can get it, even if they’re on a budget. That’s why we don’t just work with health insurance, but also the low-cost, legal alternative known as Medical Cost Sharing, or Healthshare.

Your Personal Benefits Manager can help you decide which option is best for you. Click here to schedule a no-cost consultation, or read up on past editions of the ColoHealth blog to research for yourself.