Colorado’s Health Care Future Statement on Division of Insurance Preliminary Rate Announcement for 2024

Jul 24, 2023

DENVER, July 24, 2023 — Colorado’s Health Care Future issued the following statement today regarding the Colorado Division of Insurance (DOI) preliminary health insurance rate announcement for the upcoming 2024 plan year:

“The preliminary health insurance premium rate announcement for the 2024 plan year confirms that the Colorado Option law will again fail to deliver the lower prices that were promised for Colorado consumers in 2024, as health insurance premiums in the individual market are scheduled to increase between 7%-11% next year.

“Ongoing claims from the Division of Insurance that the program is working as intended, despite the simple math demonstrating otherwise, are continuing to mislead Colorado consumers. It’s time for the DOI to finally acknowledge that affordable premiums are not delivered via price controls, but by encouraging a healthy, competitive health insurance marketplace.”


  • According to DOI’s preliminary rate announcement, health insurance rates are slated to increase by 7%-11% for the 2024 plan year. The Colorado Option law’s promise of a 10% health insurance premium reduction in 2024 will not be realized, increasing costs for Colorado consumers.
  • DOI’s boast that “Colorado Option premiums are 30% lower than non-Option plans,” is categorically false. Filed Colorado Option premiums are not 30% lower than non-option premiums. 
  • DOI’s preliminary rate announcement appears to confuse the difference in requested rate increases between Colorado Option and non-Colorado Option plans with overall premium differential.
  • All savings cited by the DOI resulted directly from the state’s reinsurance program. The Colorado Option has not delivered meaningful savings to Coloradans, despite significantly increased administrative costs for Colorado’s care providers and health insurers.
  • Preliminary rates confirm the DOI is again planning to approve aggressively low rates for Denver Health, particularly for the insurer’s PEAK Health Alliance expansion into western Colorado, risking a repeat of the Friday Health debacle that is currently disrupting nearly 35,000 Coloradans’ health coverage and access to care.
  • A recent analysis by NovaRest, an independent actuarial consulting firm with extensive experience supporting state and federal insurance regulators, highlighted how the Colorado Option has fallen short on the promise to save Coloradans money on their health care. The actuarial analysis demonstrates how this state government-controlled health insurance system is increasing costs for Coloradans and reducing competition in the state’s health insurance market.

Read NovaRest’s actuarial analysis on the Colorado Public Option here.

Read more about Colorado’s Health Care Future here.