The Federal Government approved a new program in Colorado that will save thousands of dollars for families that purchase health care through the individual marketplace. The program, Reinsurance, has lowered premiums in other states saving big bucks for residents. The program takes funds from the state and federal government and pays off the high-cost medical bills that are apart of the individual marketplace. This helps the insurance companies who then, in turn, lower the monthly premium for that state. Colorado’s Division of Insurance expects premiums will drop by an average of 18.2% next year for the 8% of Coloradans who buy their health insurance through the individual marketplace. “Our top goal is saving people money on health care. “There’s a lot of systemic changes that will save money … but a lot of them take a little bit longer to actually show those reductions. This one immediately produces savings for next year on the individual market." said Gov. Jared Polis. Colorado is the ninth state to secure a federal waiver from the Center for Medicare and Medicaid Services for a reinsurance program. Minnesota’s program brought down its 2018 premiums by about 11.3%, and Alaska’s dropped by a statewide average of 26%, according to a Georgetown University Health Policy Institute report.
https://www.denverpost.com/2019/07/31/colorado-gets-federal-reinsurance-waiver/ By Dillon Landfried - Aug 7, 2019