Jan 17, 2023 - News

Colorado's rise in health care premiums is second-highest in U.S.

Change in health insurance cost, 2022 to 2023
Data: ValuePenguin; Map: Kavya Beheraj/Axios

Private health insurance premiums rose higher in Colorado this year than every state except one, a recent report shows.

By the numbers: The average monthly cost between 2022 and 2023 in Colorado for a 40-year-old with a mid-range silver plan soared 19.6% — from $409 to $489 — according to consumer research company ValuePenguin.

  • Colorado's premium increases are only second to Georgia, which saw a spike of 20.3%.
  • Nationwide, the jump is about 4% at an average cost of $560 a month.

Between the lines: When you factor in all age groups and coverage types, the average rate hike in Colorado is closer to 10.4%, per the state Division of Insurance.

State of play: The uptick comes as the state begins ramping up its regulation of the market and offering a state insurance plan, called "Colorado Option."

Reality check: Some states have it much worse when it comes to dollars and cents. Wyoming, for example, will see the highest cost — with the same mid-level plan increasing 15% to $882 a month.

  • Alaska also saw premiums rise 15% for a new total of $822 in 2023.

The big picture: Private health insurance premiums climbed in 36 states this year — but where you live heavily influences how much you pay, Axios' Tina Reed writes.

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