Group Insurance is Now Cheaper than Individual Insurance
Written by Scott Nitowski
Carrier |
Deductible |
Coinsurance (Ind / Group) |
Out of Pocket (Ind / Group) |
Individual Premium |
Group Premium |
Savings with Group |
Anthem |
$1500 |
20%/20% |
$3750/4000 |
$544.99 |
$425.55 |
22.0% |
Anthem |
$5000 |
25%/20% |
$7150/7000 |
$352.23 |
$322.21 |
8.5% |
Kaiser |
$2750 |
20%/15% |
$5000/5500 |
$315.69 |
$323.25 |
(2.4%) |
Kaiser |
$5250 |
40%/35% |
$7150/6550 |
$258.59 |
$261.55 |
(1.1%) |
Why such a large increase in the individual market?
Finally, the Division of Insurance’s has a responsibility of reviewing these premium increases filed by the insurance companies. The division can reject the proposed rates if they are too high or too low.
Medical - INDIVIDUAL Plans, Average REQUESTED Premium Change, by Company
Company |
Requested Overall Change* |
SERFF Tracking Number** |
Anthem BCBS (HMO Colorado) |
26.8% |
AWLP-130560313 |
Bright Health Plans*** |
New to market |
BRHP-130518475 |
Cigna |
9.5% |
CCGH-130510383 |
Colorado Choice |
36.33% |
COHP-130547449 |
Denver Health |
0.08% |
DVHH-130565984 |
Freedom Life Insurance |
9.98% |
USHG-130545454 |
Golden Rule |
40.6% |
AMMS-130560610 |
Kaiser Foundation Health Plan of CO |
13.6% |
KFHP-130552059 |
National Foundation Life |
9.98% |
USHG-130545468 |
Rocky Mountain HMO |
34.6% |
LEIF-130564677 |
* Averaged over all individual plans a company proposes to sell, in all areas of Colorado where the company does business, for all ages.
** The SERFF Tracking Number is way to search for the filing on the DOI’s system.
*** Bright Health Insurance Company is a new entrant into the health insurance market in Colorado.
Medical - SMALL GROUP Plans, Average REQUESTED Premium Change, by Company
Company |
Requested Overall Change* |
SERFF Tracking Number** |
Aetna Health Inc. |
-4.4% |
AETN-130554115 |
Aetna Life Insurance Co. |
-3.6% |
AETN-130535284 |
Anthem BCBS (HMO Colo.) |
4.1% |
AWLP-130560332 |
Anthem BCBS (Rky. Mtn Hospital & Medical) |
2.9% |
AWLP-130560333 |
Colorado Choice |
7.38% |
COHP-130547510 |
Humana Health Plan Inc. |
6.35% |
HUMA-130570800 |
Humana Insurance Company |
4.36% |
HUMA-130570797 |
Kaiser Foundation Health Plan of CO |
3.7% |
KFHP-130552141 |
Kaiser Permanente Insurance |
-0.9% |
KHFP-130552206 |
Rocky Mountain Healthcare Options |
11.2% |
LEIF-130564669 |
Rocky Mountain HMO |
5.1% |
LEFI-130564686 |
UnitedHealthcare Insurance Company |
-7.7% |
UHLC-130570593 |
United Healthcare of Colorado |
-1.6% |
UHLC-130572383 |
* Averaged over all small group plans a company proposes to sell, in all areas of Colorado where the company does business, for all ages.
** The SERFF Tracking Number is way to search for the filing on the DOI’s system.
If your company left the group market for greener pastures, it may be time to evaluate if it makes sense to come back. Just give us a call at (303) 369-3200 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Sources:
http://www.denverpost.com/2016/09/20/colorado-health-insurance-rates-2017-individual-buyers/