How to Avoid the Whopping 27% Rate Increase on Colorado Health Insurance Plans!

I know that I (and I suspect many of you)have seen reports about the anticipated double-digit rate increase to health insurance premiums this coming open enrollment period. Based on the numbers released by Colorado’s Division of Insurance (DOI), premiums for individual plans will increase by an average of 26.7 percent. With these huge rate increases coming our way, what can we do to avoid some of these increasing costs and expenses, and how can we protect our financial future and health at the same time?

Planned Increase Per Carrier

In order to discourage carriers from leaving the market in Colorado in 2018, the DOI agreed to most of the proposed increases by the carriers. Here’s a breakdown of the average premium increase per carrier in Colorado:

Keep in mind these are only average numbers. The increase on your plan could be more or less.

This is especially tough for those of us who aren’t receiving subsidies and are on a limited budget. I am hearing from many clients who have a premium that is now larger than their mortgage, so I sincerely doubt I’m alone in that area of concern. So what can you do?

Healthshare Programs – An Affordable Solution

With health insurance premiums on the rise, millions of people have turned towards healthshare programs – a lower-cost alternative to expensive Obamacare health insurance plans. These programs are offered by recognized non-profit Health Care Sharing Ministries (HCSMs) such as Altrua and Aliera.

Take note that healthshare is not health insurance. The good thing though is that members are exempted from paying the 2.5% tax penalty for not having health insurance AND the monthly costs are half or less the cost of an unsubsidized health insurance policy.

However, you should  know that this option might not be for everyone. Healthshare programs will not usually cover pre-existing conditions for the first couple years, and will only accept smokers if they make a commitment to quit.

As long as uncertainty in the health insurance marketplace remains, prices are likely to continue to rise and challenges will continue to haunt Americans of limited means.

Perhaps, then, the wisest course moving forward would be to consider whether a healthshare program might be a good option for you, and to continue to pressure those who represent us to give consumers the right to make their own decisions about the healthcare they purchase.

  Date posted: Tuesday, September 26th, 2017
Category: Health Insurance, Healthshare plans



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