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We have been used to seeing the same rates for children 0-20 and that’s about to change in the new year. The Emergency Regulation has brought the new changes into play with new age bands starting at 15 instead of 20. Just keep this in mind when renewing or signing up this open enrollment (Nov 1- Jan 31).
As of 1/1/2018 the new rate bands for children will go into effect. These premiums will be based on the age of the individual at the policy start date. The premiums are all based on age and cannot exceed a 3:1 age ratio (table below shows the premium age ratio).
Essentially, from 0-14 children are all the same rate or .765. This means that once you hit 15 your rates will continue to increase year after year until age 63. After age 63 individuals are at the highest rate they can be from then on. Take a look at the table below to see the where you fall.
If you have any questions give us a call! 719-599-7989
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|
AGE |
PREMIUM RATIO | AGE | PREMIUM RATIO | AGE | PREMIUM RATIO |
|
0-14 |
0.765 | 31 | 1.159 | 48 |
1.635 |
|
15 |
0.833 | 32 | 1.183 | 49 | 1.706 |
|
16 |
0.859 | 33 | 1.198 | 50 |
1.786 |
|
17 |
0.885 | 34 | 1.214 | 51 | 1.865 |
|
18 |
0.913 | 35 | 1.222 | 52 |
1.952 |
| 19 | 0.941 | 36 | 1.230 | 53 |
2.040 |
|
20 |
0.970 | 37 | 1.238 | 54 |
2.135 |
|
21 |
1.000 | 38 | 1.246 | 55 | 2.230 |
| 22 | 1.000 | 39 | 1.262 | 56 |
2.333 |
|
23 |
1.000 | 40 | 1.278 | 57 |
2.437 |
|
24 |
1.000 | 41 | 1.302 | 58 | 2.548 |
| 25 | 1.004 | 42 | 1.325 | 59 |
2.603 |
|
26 |
1.024 | 43 | 1.357 | 60 |
2.714 |
|
27 |
1.048 | 44 | 1.397 | 61 |
2.810 |
|
28 |
1.087 | 45 | 1.444 | 62 |
2.873 |
|
29 |
1.119 | 46 | 1.500 | 63 |
2.952 |
| 30 | 1.135 | 47 | 1.563 | 64 and Older |
3.000 |
Rate table from: Colorado Secretary of State
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