If you own a small business, you may be in luck. Since the inception of the Affordable Care Act, individual premiums have experienced 20 to 40 percent annual increases with several carriers leaving the Colorado individual market altogether. Individual plans have also endured a rise in deductibles, co-pays, annual out of pocket maximums and increased premiums for tobacco users. Individual plans may only be purchased at open enrollment, generally January 1st of each year, unless an individual meets the criteria for a Qualifying or "Life changing event". (ie: loss of coverage through no fault of their own.)
While group plans have seen increases as well, prices have remained more stable and for the first time in a very long time, premiums are most often less on a group insurance plan. Group benefits have also remained more constant in deductibles, co-pays, and out of pocket maximums as well as currently no increased premium for tobacco use. The employer and employee still receive the tax benefits for a group health plan and employers are able to purchase plans or change carriers anytime throughout the year.
If you have a small business, it may be worth taking the time to contact a broker and see if you qualify for a small group health plan. Learn more and see an example of the premium difference for individual plans and employer plans here. Feel free to contact one of our Health Shop insurance brokers to see if this could be an option for your business. 303.425.4466 or firstname.lastname@example.org.