Health insurance rates are set to rise in Colorado next year. And it could be by a lot, depending on your insurer.
In the individual market, Cigna is asking the state for about a 10 percent increase, Kaiser is requesting a nearly 14 percent increase, Anthem’s request is up nearly 27 percent and Rocky Mountain HMO is seeking a nearly 35 percent hike from last year.
Insurance Commissioner Marguerite Salazar says heading into the fourth open enrollment period since Obamacare launched, the insurance market is still in transition.
“It’s going to take us a while before this market stabilizes and before the carriers can really understand how to price it," she said Monday.
Four insurers are cutting back or dropping out of the Colorado marketplace, including United and Humana.
They currently cover about 20 percent of the 450,000 Coloradans who get insurance though the individual market.
One new carrier is joining the market: Bright Health Plans.
Final approval for the proposed rate hikes is expected this fall.