Polis: State reinsurance program can help save 24% on individual premiums

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DENVER, CO – JUNE 18: Jared Polis listens to a question during a democratic party governors race debate at the University of Denver on Monday, June 18, 2018. (Photo by AAron Ontiveroz/The Denver Post via Getty Images)

SUMMIT COUNTY, Colo. (KDVR) — Gov. Polis announced the Biden Administration has approved Colorado’s health insurance plans for 2022, and outlined how the state’s option can save some Coloradans money on their premiums.

This concerns the state’s reinsurance plan, which works by paying a portion of high-cost claims to allow insurance companies to lower the premiums for individual health insurance plans.

Individual plans are for Coloradans who don’t receive health insurance from their employer. The administration said people can save on average 24.1% on those premiums.

Depending on where you live, the savings could be higher, according to the administration. More Coloradans can choose this option this year, with 527 plans available, compared to 326 in 2021.

The small group plan is for small Colorado employers with 100 or less employees. The administration reports that 553 small group health insurance plans will be offered this year, up from 429 plans in 2021.

For more information on the individual and small group health insurance plans approved for 2022, click here.

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