Gov. Jared Polis confirmed Wednesday that the federal government has approved a Colorado reinsurance plan designed to lower premiums for individuals buying insurance on the state health care exchange.
Polis already has released projections showing that premiums next year for 400,000 Coloradans – about 8% of those buying insurance on the exchange – will drop by more than 18% with a reinsurance plan in place.
The program starts for 2020 coverage plans.
Under it, the state covers the most expensive medical claims, allowing private insurers to lower rates for individuals participating in the individual Connect for Health Colorado market.
Democratic Sen. Kerry Donovan of Vail, who led the effort to create the program, confirmed the anticipated federal approval to The Grand Junction Sentinel and The Colorado Sun.
Sen. Cory Gardner also praised the federal government for approving the bipartisan measure.
GREAT NEWS ➡️ Today @CMSGov approved Colorado’s reinsurance waiver, which will greatly lower the cost of health care premiums in Colorado. I’ve worked with the state and CMS to make this a reality and I’m proud of this bipartisan accomplishment to drive down health care costs. pic.twitter.com/LpBaqjdA9a
— Cory Gardner (@SenCoryGardner) July 31, 2019