Geographic rating areas are used by insurance carriers to price premiums. In Colorado, for 2014, health insurance carriers used 11 geographic rating areas as set by the Division of Insurance (DOI). For 2015, DOI consolidated the higher health costs regions into larger rating areas, reducing the number of areas from 11 to nine. […]
Glossary Group: Rate Reviews
10 posts
Yes. If the Division of Insurance (DOI) sees that the data behind the request do not justify the increase, DOI informs the carrier about what change would be justified. This year, out of 16 carriers who submitted individual plans, four had to modify their requested adjustment. For the small group market, two out […]
The average increase for premiums statewide Affordable Care Act (ACA)-compliant plans is only 1.18 percent. For individual plans, the statewide average is an even smaller increase, 0.71 percent, while for the small group plans, the average increase will be 2.53 percent. These are statewide averages, which mean they include larger increases and […]
The Multi-State Plan (MSP) Program was established under the ACA to provide consumers with additional coverage options in the health insurance exchanges. A multi-state plan is one that has been approved by the U.S. Office of Personnel Management (OPM), a federal government agency, to be sold through the exchanges. As they are offered […]