Colorado faces double-digit hikes in insurance premiums – Denver Gazette

Colorado faces double-digit hikes in insurance premiums  Denver Gazette

The Colorado Division of Insurance on Monday released final premium increases for those who obtain insurance through the individual or small group markets. Premiums will increase by an average of 10% in the individual market. For the small-business market, rates will go up by an average of 14%, according to the division. Grand Junction will see the highest increases for the individual market at 15.5%. “Despite health insurance premium increases this year, Colorado is faring better than other states. Premium increases are lower in Colorado than the median across all states,” the division said in a statement Monday. The division attributed the rate increases to Congress’ failure to extend the enhanced federal premium tax credits last year, which had lowered costs for Americans since 2021.

That resulted in a doubling of premium costs in 2026 for Coloradans who buy health insurance in the individual market and “continues to cause instability,” the division said. In response to the COVID-19 pandemic, Congress adopted the American Rescue Plan Act of 2021, which, among other provisions, temporarily expanded eligibility for the premium tax credits for tax years 2021 and 2022. Notably, the law eliminated the income limit of 400% of the federal poverty level, thereby allowing more Americans to qualify and provided larger subsidies compared to the original Affordable Care Act. The Biden administration