Colorado Springs

Colorado’s reinsurance programs will continue to keep health costs low, governor says – Colorado Springs, Colorado

Colorado Springs, Colorado 2021-07-21 09:14:29 –

James Anderson, Associated Press

Governor Jared Polis said Tuesday that individual health insurance premiums for those buying insurance on Colorado’s insurance exchange will remain stable next year, with cost-cutting trends expected to continue under a state-run program that covers the most expensive cases. Said that.

The Democratic governor said in a statement that individuals buying on the exchange would save more than 24% next year compared to what they would have to pay if they had to buy coverage without a state program. It has been. Preliminary estimates show that the average cost will be 1.4% higher than this year.

The estimated savings are based on next year’s proposed plan of a private insurer submitted to the insurance sector for approval. Final plans and pricing will be announced in October prior to the 2022 purchase period starting November 1.

The state will cover the most expensive cases under the so-called reinsurance program launched in 2019, allowing insurers to mitigate rates. It can also be expanded by offering some of the country’s highest premiums in many parts of Colorado, especially in rural areas where there has been little competition in the past.

According to Police, only one of Colorado’s 64 counties next year, Jackson County in the north of the state, will be single in individual markets compared to 10 counties this year and 22 counties in 2020. You will have a carrier.

“We need to do more, but our efforts to save people’s medical costs are working,” he said.

Insurance premium increases and fees are different. In western Colorado, a region that has long been hit hard by lack of competition, the insurance sector estimates that personal premiums could increase by 7.7% next year. However, the department says that individuals pay there nearly 40% less than they would have without the support of state programs.

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For small businesses with 100 or less employees, insurers will offer 550 plans across the state on the exchange, with premiums estimated to increase by an average of 5.3% this year.

Residents can expect future savings thanks to new legislation that will require insurers to provide standard state-supervised health insurance to individuals and small businesses from 2023. By 2025, a 15% reduction in premiums from the insurance currently offered is required.

The law also provides for possible sanctions for hospitals and other healthcare providers who do not participate in cost reductions under the “Colorado Option” program developed by states, insurers, and healthcare providers this year. ..

Since the 2018 elections, Police has made medical accessibility and affordability a top priority.

He and the Democrats who control Congress import cheaper prescription drugs from abroad, address medical inequality exposed to the coronavirus pandemic, mandate hospital price transparency, and prescription drugs. We are trying to lower prices, limit insulin prices and strengthen mental health care. Other initiatives.

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Colorado’s reinsurance programs will continue to keep health costs low, governor says Source link Colorado’s reinsurance programs will continue to keep health costs low, governor says

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