Health Insurance In Colorado Will Soon Cost You More

Here's some more great news for you. If you buy health insurance in Colorado, expect your wallet to get a little lighter as costs are going up. In some parts of the state, you can expect really big increases.

The Denver Post is reporting that premiums will go up on average around 10% in 2016. The key word there is "average". Notice the difference if you live in a mountain town.

Statewide, an average individual policy will cost almost 10 percent more next year, the Colorado Division of Insurance announced Friday. For small businesses and nonprofit agencies — those with two to 99 employees — the increases will average a more modest 3 percent. Overall, the average increase will be about 7 percent.

Cost increases will vary greatly from one region of the state to another. In Denver and Boulder, individual polices will cost about 6 percent more. In Glenwood Springs — a mountain region — the average individual premium will jump 25 percent.

Those are averages. Actual premiums will depend on a host of factors, such as the type of plan, the buyer's age, tobacco use and insurance company choice.

Now might be a good time to begin that workout program you've been planning to improve your health especially if you can't afford the insurance hikes.