Colorado health insurance rates to increase in 2023 – Axios

Denver
Axios Denver is an Axios company.
Health insurers are raising rates next year in Colorado — and some are abandoning the state.
Why it matters: The cost of health care is a key driver that makes it less affordable to live in Colorado.
Moreover, it's a blow to Gov. Jared Polis, who stakes his term on lowering health care costs, and a setback for the new government-managed "Colorado Option" that Democrats promised would drive down costs.
By the numbers: The average health insurance plan on the individual market will increase 10.4% in 2023 with a 7.4% jump for small companies that buy on the group market.
Between the lines: How much people will pay will vary widely because of subsidies available on the state's health insurance exchange, Connect for Health Colorado. Open enrollment begins Tuesday.
The intrigue: The rate hikes are amplified by word that Humana will no longer offer employer group plans in Colorado starting June 30, 2024. It will affect about 18,000 policy holders, Colorado Politics reports.
The big picture: The market shifts come as Colorado ramps up its regulation of the market and begins to offer a state insurance option.
Zoom in: The Colorado Option will debut in 2023 with three plans in all but Jackson County. The private plans must fit government-mandated coverage options and need to cut costs to consumers by 5% in each of the next three years under the law that created the program.
The other side: The Polis administration is calling it a win because they are below the average price point and driving competition.
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