Nine Health Insurers in Colorado Looking for Premium Rise

Most insurers are seeking a rise in premiums from next year. If the "market correction" in the health insurance world happens, many people will face the music with rising insurance costs.

Most people blame it on Affordable Care Act or the ACA often called Obamacare and the alterations which it brought to health care in the country.

In Colorado, nine health insurance companies are asking for an increase next year for their plans which they sell through the individual market. The changes will not affect those who avail health insurer through their employer.

A spokesperson for the Colorado Division of Insurance, Vincent Plymell said, "It's not surprising. It's going to be a challenge for some folks." It is the state agency which decides if the insurance companies can bring a hike in their rates.

There are more to it, approximately 92,000 people living in the state will require finding new health insurance as the plans which they have opted for this year will not be available any by some of the companies in the year ahead. It drew criticism from Senator Cory Gardner, who blames Obamacare.