For 2023, health insurance companies with plans in the individual and small group markets are required to offer a Colorado Option Standardized Plan in each county where they offer small group and individual health benefit plans. Pursuant to §10-16-1305(2)(a)-(c), C.R.S., companies offering a Colorado Option Standardized Plan at the bronze, silver, and gold metal levels in the 2023 benefit year must reduce the Standardized Plans’ premium by 5% relative to their 2021 premiums, after benefit adjustments and adjustments for national medical inflation.
The Division has defined the allowable adjustments and methodology for the calculation of the premium rate reductions required for the Standardized Plans in Colorado Insurance Regulation 4-2-85.
Using the methodology in 4-2-85, the Division has determined the Maximum Colorado Option Standardized Plan premiums for companies offering small group and individual health benefit plans. The Division has posted on its website a summary of the Maximum Colorado Option Standardized Plan Premium by company, by county, and by metal level. Use the button below to access the target premiums.
These targets can also be found on the Colorado Option website (in the “Premium Rate Reduction Targets & Public Hearings” section).
Health insurance companies will submit their premium reduction filings to the Division later this month. These filings indicate whether or not a carrier will meet the 5% premium reduction for the 2023 benefit year. The Division is currently reviewing these filings, and will release additional information in the coming weeks.