Enrollment in state’s insurance exchange is outpacing last year’s enrollment rate
Enrollment in Colorado’s health insurance exchange is already higher than it was during last year’s open enrollment period. Last year, the state’s insurance exchange had struggled to operate effectively due to severe technical difficulties. These complications made it impossible for some people to enroll for insurance coverage. There were also issues regarding awareness among consumers. Many people simply did not know that the exchange offered them health insurance coverage, while others had no idea how to use the exchange.
6,144 people enroll in the state’s insurance exchange during the first week of open enrollment
Thus far, 6,144 people have enrolled in the state’s insurance exchange, with their coverage going into effect on January 1, 2015. This is 240 higher than the enrollment rate of last year during the first week of the open enrollment period. During the 2013-2014, the state’s insurance exchange managed to enroll a total of 150,000. This year, state officials are hoping to enroll more than 200,000 people. To this end, the state’s exchange has put more effort on marketing itself and the services it offers to consumers.
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Premiums for policies sold through the exchange have shrunk, but so too have subsidies from the federal government
Insurance premiums for policies sold through the exchange have decreased slightly, which may be good news for some consumers. This also means that subsidies designed to offset the cost of insurance coverage will be lower this year than they were last year. These subsidies are offered by the federal government and are meant to provide financial aid to those that would not be able to afford insurance coverage otherwise.
Consumers are being encouraged to shop for coverage as soon as possible
The exchange’s officials are encouraging consumers to shop for coverage as early as possible. If consumers purchase coverage later than December 15 of this year, their policies will not go into effect on January 1, 2015. Consumers are also being advised to shop around as much as possible so they can find the coverage that is most suitable for their situation.