The governor’s promise to save Coloradans money on health insurance with the Colorado Option may become worthy of PolitiFact recognition in a few years.
Colorado Gov. Jared Polis speaks during a news conference on the west steps of the state Capitol about legislative plans for the upcoming session Monday, Jan. 10, 2022, in Denver. Leaders are aiming to expand access to health care as well as reduce costs, make the state more affordable by reducing child care and housing costs, improving the education system and taking steps to insure safe communities. August 29, 2023 at 6:03 a.m.
Under the diminishing Options law, health insurers in small group and individual markets must offer a Colorado Option plan that conforms to price and coverage mandates determined by the legislature and the Colorado Commissioner of Insurance. Beginning in 2023, Option plans must be priced 5% below the company’s 2021 plans adjusted for inflation. The next year, the companies must offer a plan that is priced 10% lower than the 2021 rate. For 2025, plans must be priced at 15% below 2021 prices.
If a large insurance company known for its efficiency cannot meet 2024 targets, what are the odds it will attain an even higher threshold the following year? Odds are good that more insurance companies will leave the state as long as the law stands. In the meantime, I’ve decided to save money and the hassle of losing another policy. Like the four insurance companies, I chose to leave the state health insurance marketplace. Now enrolled in a health care sharing plan, my monthly payment and deductible will be lower than what I paid on a government-regulated insurance plan.
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