The Colorado Division of Insurance (DOI) has released its 2017 Health Insurance Cost Report. This annual report details the health insurance market in Colorado, including the trends in the individual and group markets, the factors that drive premiums, and the financial status of health insurers.
Highlights from the 2017 report include the following:
- Average monthly premiums in Colorado across individual, small group (for small employers with 2 – 100 employees) and large group health plans (for employers with 100+ employees) ranged from $331 to $428.
- The average health insurance deductible in Colorado was $1,951 for single coverage and $3,721 for family coverage.
- More than half of all Coloradans received their health insurance from an employer. For this group, those with family coverage paid 27 percent of the total premium, while those just covering themselves paid 21 percent of the premium (employers paid the remaining portion of the premium).
- Approximately 44 percent of private-sector employers in Colorado offered health insurance to their employees.
- As was the case in 2016, 86 percent of the premiums collected for health insurance in Colorado went directly to the cost of paying for healthcare services.
- Of the 425 health insurers in Colorado (many of which provide coverage other than major medical insurance, such as dental or vision insurance), the top 10 largest insurers accounted for 75 percent of the market.
The report can be found on the DOI’s page for “Insurance Brochures, Fact Sheets and Reports” – click on “Health Insurance Reports” under “Reports by DOI,” and on the next page, click “Health Insurance Cost Reports.”