Colorado officials blame Congress, specifically Republicans, for an “impossible decision” next year when healthcare premiums are expected to double for people on the individual healthcare marketplace.
A release today from the state division of insurance says, “These premium increases reflect the failure of Congressional Republicans to extend the enhanced premium tax credits in time for open enrollment.” The division predicts up to 75,000 people will lose access to coverage. That is nearly one in three people on the individual marketplace, which is the only option for 225,000 people who don’t get coverage through their employer.
“These premium increases are going to create impossible decisions for families across the state,” Colorado Insurance Commissioner Michael Conway said in today’s release. “We have sounded the alarm bells at every turn, but Congress’ refusal to act means that Coloradans will be left with unacceptably high health insurance bills during a tightening time in the economy.”
Most plans will cost 101% more than they do today. People in small rural towns and the Western Slope, including Summit County, will pay even more. A family of four earning over $128,000 per year can expect to pay an additional $21,000 in 2026.
This is not as bad as it could have been. Some families would have paid up to 174% more without a recent state bill, HB25B-1006, which puts the premium tax credits on life support with $100 million in state money.
But this remedy is not permanent. It works by “buying down” credits to cover premiums for the most expensive plans.
“The law we passed this special session is the reason that insurers are no longer pulling out of counties across Colorado,” Speaker of the House Julie McCluskie, of Dillon, said in a statement when the bill was passed. “I strongly urge Congress to do what is right for the people in our state and prevent unsustainable premium increases by extending tax credits for people who purchase their own health insurance.”
