Monthly premiums could increase 4% next year for Colorado Option health insurance plans and 6% for other types of plans sold on the individual marketplace, on average, according to new data from the state Division of Insurance.

The Colorado Option is a standardized health plan that covers more services without out-of-pocket costs than the average plan. The option plans were supposed to lower premiums by 10% this year, after accounting for inflation, but only about one-third succeeded. They were, however, some of the cheaper plans available to Coloradans, and about one-third of individual market customers bought one this year.

The average premium increase would be higher for small businesses, at about 8%, if the Division of Insurance approves. Companies selling on the marketplace in Colorado have to submit their proposed rates to the division, which determines if they are justified based on the cost of covering care. The final rates will become public in October.

Last year, insurers asked for about an 8% increase for Colorado Option plans and an 11% increase for non-Option plans. Most ultimately received smaller increases.

The division estimated premiums would have risen about 23% if the state didn’t have a reinsurance program in place. Reinsurance basically backstops insurance companies, so they don’t have to pay as much for the relatively small percentage of customers who require the most expensive care. Since federal law limits how much insurers can earn in profits, they have to pass at least some of those savings on to customers through lower premiums.

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Originally Published: July 17, 2024 at 2:22 p.m.

COLORADO SPRINGS, Colo. (KKTV) – If you use South Nevada to get onto I-25, consider an alternate route Wednesday night into Thursday morning.

The road will be closed between Brookside Street and the I-25 on-ramps starting at 9 p.m. Wednesday through 5 a.m. Thursday.

The closure will be in place so workers can remove the traffic signal at the intersection of South Nevada, East Motor Way and East Arvada Street. The below map shows the closure and detour routes:

For those who prefer having their detours written out:

• Northbound traffic on South Nevada Avenue is advised to take Brookside Street to South Tejon Street to I-25 South Connector Road to South Nevada Avenue.
• Southbound traffic on South Nevada Avenue is advised to take I-25 North Connector Road to South Tejon Street to Brookside Street to S. Nevada Avenue.
• Eastbound traffic on East Motor Way is advised to take South Tejon Street to I-25 South Connector Road to South Nevada Avenue, or South Tejon Street to Brookside Street to South Nevada Avenue.
• Westbound traffic on East Arvada Street is advised to take South Wahsatch Avenue to Brookside Street to South Nevada Avenue, or South Wahsatch Avenue to Brookside Street to South Tejon Street to I-25 South Connector Road to South Nevada Avenue.

The city says if weather or a crash interrupts the work, there will be a second closure Thursday night into Friday morning.

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