The newly released 2023 health insurance rates show that, despite the state’s promise of savings and improved competition, non–Colorado Option plans will be less expensive and fewer health insurance options will be available to most Coloradans:
The Colorado Option, signed into law in 2021, is a state-regulated health insurance program which requires carriers to offer “standardized plans” within the individual and small-group markets at reduced prices.
After publishing 8 reports, 3 rounds of testimony, and over a dozen meetings with legislators, Common Sense Institute’s work has led the way in helping impact the debate and deliver the facts on the Colorado public option health care proposal…leading to lots of changes.
Common Sense Institute analyzes the impacts of the amended version of HB21-1232, requiring premiums for the Colorado option to be set 18% lower than the 2021 average in the individual and small-group insurance markets, with some allowance for medical inflation.
To help inform health care policy discussions at the legislature, the Common Sense Institute reviewed recent trends in Affordable Care Act insurance premiums across Colorado and Washington State, which passed public option legislation in 2019.