Colorado legislators push bill to lower health insurance premiums
A bipartisan group of Colorado legislators and Gov. Jared Polis are pushing for a bill that aims at reducing health care premiums in the state through a reinsurance program.
HB19-1168 would direct the state to apply for federal waivers to provide money for the program, which works “by protecting insurance companies against some of their high-costs claims,” according to Gov. Polis’ office.
It essentially sets aside money as insurance for insurers who have to pay out for big events. That results in premium decreases for everyone, according to Polis’ office. Eight other states have enacted similar programs, taking advantage of 1332 waivers from the federal government.
So what does that mean for you?
The bill divides the state into three cost-reduction tiers based on counties facing the highest insurance costs. For example, residents in El Paso and Teller counties will see a 15-20 percent reduction in premiums, while those in Pueblo County would see a 20-25 percent reduction. The third group will see a 30-35 percent reduction.
Here’s how it breaks down by county:
30-35 percent reduction
20-25 percent reduction
15-20 percent reduction
Mesa
Larimer
Boulder
Archuleta
Weld
El Paso
Delta
Pueblo
Teller
Dolores
Alamosa
Adams
Eagle
Bent
Arapahoe
Garfield
Chaffee
Broomfield
Grand
Cheyenne
Clear Creek
Gunnison
Conejos
Denver
Hinsdale
Costilla
Douglas
Jackson
Crowley
Elbert
La Plata
Custer
Gilpin
Lake
Fremont
Jefferson
Moffat
Huerfano
Park
Montezuma
Kiowa
Montrose
Kit Carson
Ouray
Las Animas
Pitkin
Lincoln
Rio Blanco
Logan
Routt
Mineral
San Juan
Morgan
San Miguel
Otero
Summit
Phillips
Prowers
Rio Grande
Saguache
Sedgwick
Washington
Yuma
Baca
The bill has bipartisan support and is likely to pass both chambers and be signed by Gov. Polis. You can read the full text of the bill HERE.
