DENVER - The cost of the average health insurance premium through the state's health insurance exchange has proven to be more expensive than 2012's initial projections.
According to financial numbers released this week by Connect for Health Colorado, the health insurance exchange is currently projecting an average estimated premium per member per month at $337. Back in August of last year, the exchange operated on the assumption that the average premium would be closer to $283. The numbers represent nearly a 20 percent increase from original projections, but Connect for Health Colorado staff cautioned against reading too much into that.
The chief financial officer for Connect for Health Colorado, Cammie Blais, issued the following statement to 9NEWS on Friday:
"The increased figure for estimated premiums between our first financial model and our current model is based on the data we have accrued from enrollments in the first three months of business. This model is, as a result, more accurate than the predictions made prior to opening this new business. Additional modeling adjustments will be ongoing to be as accurate as possible."
Connect for Health Colorado reports nearly 53,000 Coloradans have signed up for insurance through the new exchange. The number represents a total that's 79 percent of the "medium" forecast offered last year by exchange staff. It's hoped that nearly 134,000 will sign up for insurance by the end of open enrollment on March 31.
According to an analysis from 9Wants to Know, Connect for Health Colorado will have to beat the "medium" forecast by approximately 25 percent in January, February and March in order to get to that figure.
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