Obtaining health insurance coverage can be complicated. Whether you have insurance through an employer or obtain it individually, making sure you have the right coverage is a confusing process. Gold, silver and bronze plans are available in the marketplace with a number of different factors that can affect the monthly premium. Open enrollment is the time that you can renew or modify your current plan. Employers might alter their carriers or individual plans may change which means you will have to choose new coverage.
Colorado’s Department of Insurance released preliminary health insurance information in June with the final approval expected in October. For people who have individual plans, it is worth noting that four insurance companies will not offer or significantly cut back on non-employer plans in 2017. United Healthcare and Humana will no longer offer individual plans while Rocky Mountain Health Care will reduce its individual offerings next year. Consumers who have Anthem Blue Cross PPO’s will need to look elsewhere if they want a PPO plan, since the company will only offer individual HMO plans.
These above mentioned companies will continue to offer small and large group plans for employers. The companies who will offer individual plans will have increases to their premiums next year. Approximately 92,000, or 20% of the 450,000 Coloradans who obtain plans through the individual market, will be affected by these changes. Approximately 51% of the people in Colorado get health insurance through their employer.
Open enrollment begins on November 1 and continues through January 31, 2017. Plan coverage can begin on January 1, 2017. Regardless if your insurance is through your employer or the individual market, there are bound to be changes in the coming year. It is a good time to become educated on your options so that when the new year rolls around you will have your health coverage in place.