The top three carriers have an 80 market share or

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: an 80% market share, or 214,000 covered lives. They are Kaiser Foundation Health Plan (78,743 lives), UnitedHealthCare (70,161 lives), and Anthem Blue Cross Blue Shield (65,123 lives). Five carriers left the small group market since 2009, and six are in process of formally exiting the market. These six companies represent 1.5% of the covered lives. Small group employers surveyed by the Colorado Division of Insurance suggest that 60% of small businesses shop for insurance every year and continue to see a decrease in the number of affordable healthcare options. Small group employers rank price, benefits and copays, and deductibles as the most important features when selecting a carrier and plan design. Industry Trends As healthcare costs continue to rise, carriers have responded with larger portfolios tailoring benefit design products with features including the expansion of narrow networks, and health maintenance organizations (HMOs) with high deductible health savings accounts. In Colorado, employers sligh...
View Full Document

This note was uploaded on 02/11/2013 for the course MGMT 231 taught by Professor Yu during the Spring '13 term at Bauder.

Ask a homework question - tutors are online