A Colorado plan to dramatically lower health insurance prices for some now awaits federal approval | SteamboatToday.com

A Colorado plan to dramatically lower health insurance prices for some now awaits federal approval

Here are five numbers to better understand the reinsurance program, which would help people who buy health coverage on their own

Colorado’s reinsurance plan, which would lower health insurance prices for some, is awaiting federal approval.

File photo

Colorado’s reinsurance program — which would lower health insurance premiums for some by using state and federal dollars to help insurance companies pay their most expensive claims — is starting to take shape, but it still faces a significant hurdle: winning approval from the federal government.

State regulators last week submitted an application for the feds’ OK. The federal government has several months to review the application and make a decision, but state Insurance Commissioner Michael Conway is hoping for a faster timeline with final word coming by the end of summer. He’s so confident of the fast turnaround that he has asked insurance companies to include estimated savings from the program in one set of proposed 2020 rates that they will submit to the state for review next month.

The reinsurance program would benefit those in the individual market — i.e. roughly 8% of people in Colorado who buy health insurance on their own instead of getting it through their employer. And Conway is finalizing details for precisely how the program will work.

Read the full article at The Colorado Sun.

The Colorado Sun is a reader-supported news organization dedicated to covering the people, places and policies that matter in Colorado. Read more, sign up for free newsletters and subscribe at coloradosun.com.

Support Local Journalism

Support Local Journalism

Readers around Steamboat and Routt County make the Steamboat Pilot & Today’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Each donation will be used exclusively for the development and creation of increased news coverage.


Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User