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Another year of double-digit health insurance hikes predicted for Colorado

Posted On Tue, November 2, 2010

Health insurance rates are continuing to edge upwards. A survey by the Lockton Benefit Group predicts rates will increase 14.4 percent in Colorado. This marks the fifth year in a row residents have been burdened with double-digit rate hikes.

To help keep monthly payments down, some people opt for plans with a high deductible. The survey reveals that 48 percent of respondents had a deductible of at least $1,000. Having such a high deductible could result in people delaying care. In some cases it may make more sense to have a lower deductible and pay a higher monthly premium.

Bill Lindsay, president at Lockton Benefit Group, says employers in Colorado may find it more difficult to attract and retain employees because of healthcare expenses.

"This survey is significant in that it demonstrates that the rate of increase in the cost of coverage in Colorado greatly exceeds the national average for 2011," says Lindsay.

Health insurance is just one benefit that many employers offer. Many companies also offer life insurance along with retirement savings accounts. All benefits should be considered when determining compensation.



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