Tax Credits For Health Care Rising Amid Cost Increase

October 27, 2015

Many consumers buying health insurance for 2016 on Colorado’s marketplace will pay less because of an increase in tax credits aimed at making insurance affordable.

Rates on health insurance plans for 2016 are rising about 10 percent on average for individuals and families. Tax credits to buy plans on Colorado's insurance exchange are tied to those rates, so those tax credits for consumers also going up.

“An increase in the monthly subsidies for the advanced premium tax credit, in many cases, is across the state actually making the monthly premium for folks go down,” explained Kevin Patterson, interim CEO of the state exchange.

Patterson says roughly 75 percent of the customers of the unsuccessful health cooperative Colorado HealthOP are expected to sign up for new policies on the exchange.

Open enrollment starts Sunday. To get insurance for 2016, customers need to enroll by December 15.

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