Quantcast

This new car costs less than health insurance for my family - KOAA.com | Continuous News | Colorado Springs and Pueblo

This new car costs less than health insurance for my family

Posted: Updated:
A base model 2017 Ford Fiesta costs $14,535 while a Bronze level health plan for Andy Koen's family runs $15,125 according to Connect for Health Colorado A base model 2017 Ford Fiesta costs $14,535 while a Bronze level health plan for Andy Koen's family runs $15,125 according to Connect for Health Colorado
COLORADO SPRINGS -

If you're one of the roughly 450,000 Coloradoans who buy their health insurance on the Connect for Health Colorado exchange, get ready to pay more. Premium increases approved this week by the Colorado Division of Insurance will go up by an average of 27 percent next year.

To get a better sense of just how much of increase this will be, I ran the numbers on myself using the Quick Cost and Plan Finder Feature of the Connect for Health Colorado website. Annual premiums for my family of five in El Paso County ran anywhere from $11,690 to $15,125.  That's just for the high-deductible Bronze level plans. Gold level premiums run as high as $24,000 a year.

That's higher than the Manufacturers Suggested Retail Price of a new base model 2017 Ford Fiesta: $14,535.

I asked Vince Plymell, spokesman for the Colorado Division of Insurance, why health insurance costs in Colorado keep going up. 

He said some of the increase is due to rising healthcare costs which continue to outpace both inflation and wages. 

Another big factor is that customers who shop the exchange tend to use their insurance more often.

"The individual markets have always been a little more volatile than the employer based market. Sicker people, people who move around from plan to plan each year creates that volatility," Plymell said.

He went to say that another big reason is all the uncertainty in Washington over the future of the Affordable Care Act (Obamacare) an its many components such as the individual mandate. 

Subsidies are available on the exchange which would drop my premiums by about $4,000 a year. But it just so happens that Ford is offering a $3,000 rebate on new Fiesta's this month. Call it a wash.

In full disclosure, my family and I are covered by an employer based plan. While the premiums and coverage limits are similar to those offered on the exchange, we only pay about one-third of that amount thanks to the employer benefit.

WEATHER
Drive the Doppler
  • Most Popular StoriesMost Popular StoriesMore>>

  • Transgender military couple from Colorado Springs share their story

    Transgender couple from Colorado Springs share their story

    Friday, September 22 2017 11:14 PM EDT2017-09-23 03:14:04 GMT

    COLORADO SPRINGS - A retired Army veteran and Air Force Staff Sergeant from Colorado Springs were able to share their stories with the world, about being transgender in the military. The couple was hosted on the Ellen Degeneres show in hopes to shed light on the controversy behind transgender military service members. 

    COLORADO SPRINGS - A retired Army veteran and Air Force Staff Sergeant from Colorado Springs were able to share their stories with the world, about being transgender in the military. The couple was hosted on the Ellen Degeneres show in hopes to shed light on the controversy behind transgender military service members. 

  • Principal and athletic director out at East High amid 'forced splits' investigation

    Principal and athletic director out at East High amid 'forced splits' investigation

    Friday, September 22 2017 6:06 PM EDT2017-09-22 22:06:11 GMT
    Video shows a cheerleader for Denver East forced to do splits. (KUSA)Video shows a cheerleader for Denver East forced to do splits. (KUSA)

    Denver Public Schools Superintendent Tom Boasberg announced late Friday that East High principal Andy Mendelsberg will retire following 26 years with the district, while athletic director Lisa Porter has also resigned. 

    Denver Public Schools Superintendent Tom Boasberg announced late Friday that East High principal Andy Mendelsberg will retire following 26 years with the district, while athletic director Lisa Porter has also resigned. 

  • 8-year old forced to drive

    8-year old forced to drive

    Saturday, September 23 2017 12:49 AM EDT2017-09-23 04:49:26 GMT

    (WPXI) Pennsylvania police say an intoxicated New Castle man had an 8-year-old girl to drive him around after spotting her on the side of the road and forced her into his car. 

    (WPXI) Pennsylvania police say an intoxicated New Castle man had an 8-year-old girl to drive him around after spotting her on the side of the road and forced her into his car. 

Powered by Frankly

© KOAA.com 2017, KOAA.com
A CORDILLERA COMMUNICATIONS Station
All rights reserved
Privacy Policy, | Terms of Service, and Ad Choices

Can't find something?