Polis signs health care, prescription drug bills into law

DENVER (AP) - Colorado Gov. Jared Polis has signed into law legislation that will require insurers to offer a standard health plan to individuals and small business and sanction hospitals and other health care providers that don't participate in lowering costs.

What was once envisioned as a so-called “public option” to be offered by the state became a plan passed during the just-concluded legislative session that requires premium reductions by 2025 of 15% from plans now offered.

The law signed Wednesday gives the state insurance commissioner power to fine hospitals and health care providers. The plan will be developed by the state, insurers and health care providers by Jan. 1, 2022. It affects about 15% of Colorado's total insurance market.

Advocates argued the initiative will expand health care affordability, especially among underserved communities that include minorities and rural residents. Opponents argued it could force many physicians and specialists who refuse to participate to leave the state. Some business groups say insurers could increase premiums for other plans to cover any losses under the state-supervised plan.

Polis also signed into law a bill to create a prescription drug affordability board tasked with reviewing and setting price ceilings for prescription drugs.