The numbers are in, and they are good. At the conclusion of Connect for Health Colorado’s Open Enrollment Period for 2020 coverage, 166,850 Coloradans had signed up for a private health insurance plan through Connect for Health Colorado, our state’s nonprofit health insurance Marketplace. Seventy-four percent of those customers qualified for financial help to reduce the cost of their monthly premium.
Our “By The Numbers” report confirms that Colorado’s Marketplaces is stable and that there is continued demand for comprehensive individual market coverage. The majority of enrollments, 80%, were returning consumers. New consumers comprised 20% of our enrollments and are an important indicator of our stability. In 2020, the largest increases in enrollments came from rural counties.
Last year, residents saw statewide full-price rates drop 20% on average due to the state legislature passing HB19-1168, the Reinsurance Program. The program met its goal to provide the most substantial help to the costliest areas of our state. According to the Colorado Health Institute full-price rates on the Western Slope, which had the highest premiums in the state, were lowered 30%.
In 2019, Colorado saw 166,850 enrollments and Lake County saw 294 enrollments. For health insurance consumers who received financial help, the average premium in Colorado was $504 and $615.78 in Lake County. The average tax credit in Colorado was $369 and $517.91 in Lake County.
Last year, Coloradans received $721,326,548 in federal tax credits through the Marketplace. In Lake County, consumers received $2,100,155 in financial help in 2019 to offset the cost of their private health insurance.
Connect for Health Colorado responded to COVID-19. To help as many people as possible protect their health and safety during the COVID-19 outbreak, Connect for Health Colorado opened a Special Enrollment Period (SEP) from March 20 through April 30. During that SEP, 14,263 additional Coloradans signed up for comprehensive, private health insurance.
As always, and especially during these unusual times, we know our work is not finished. Coloradans who have had a change in job, income or other life-changing event should contact Connect for Health Colorado to find what health care coverage and financial help could be available. We have local experts across the state to help. Check us out at www.ConnectforHealthCO.com