In 2019, Gov. Jared Polis signed the Reinsurance Progam into law. The law lowered insurance premiums for individual health plans in Colorado. Early data shows that the program will keep Colorado insurance premiums lower this year.
The state looked at premiums requested by insurance companies in 2023 and determined that without the Reinsurance Program, premiums would be 21% higher for Coloradans.
“Saving people money on health care has been our top priority since day one, and we are starting to see these money-saving measures, from the Colorado Option to the Reinsurance program, putting money back into the pockets of hardworking Coloradans. This is an important step in our work to make sure every person can access and afford high-quality health care in Colorado,” Polis said.
The same data shows that Colorado Option plans will increase by 7.7% as opposed to 11.1% for non-Colorado Option plans — which was created in 2021 to ensure quality coverage and lower premiums while improving access, affordability and racial health equality, a news release from Polis’ office states.
Over the next year, over 300 individual health plans will be available from six insurance companies including Anthem, Cigna, Denver Health, Kaiser Permanente, Rocky Mountain and Select Health — which will be new to the Colorado market.
Plans and premiums are expected to be available in mid-October.
“I am pleased to see our signature programs around health insurance - the Colorado Option and the Reinsurance program - delivering for Coloradans, making health insurance more affordable and accessible,” said Colorado Insurance Commissioner Michael Conway. “The Reinsurance Program continues to keep significant dollars in the pockets of people. And the Colorado Option, with its new hearing process, was able to achieve something that has rarely been done in the U.S. -- bring hospitals and insurance companies together to lower the costs of care. Now the DOI will dig into everything the companies have submitted for 2024 to find even more savings.”
