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As part of Colorado Democrats’ plans to cut healthcare costs, Gov. Jared Polis on Wednesday signed two bills to create a more affordable health insurance option and a drug review committee on order.
“You know what, Coloradians are tired of getting ripped off over the high cost of prescription drugs,” Polis said, later adding that both bills were the subject of intense lobbying, which, in his mind, indicates that they will bring real change.
“It’s more than just nibbling away at the margins to save money on health care,” he said.
HB21-1232 is the result of the long-awaited Colorado Option benefit plan, originally intended to be a true public option. The new law would require insurance companies to work with providers and the state to create a new health insurance scheme for the individual and small group markets by January 1, 2022. Premium costs must be 15% cheaper than their 2021 tariffs within three years. (adjusted for medical inflation), and the scheme must cover specific benefits such as pediatric care and other benefits considered essential.
About 15% of Coloradans buy their health insurance in the small group and individual markets combined, but the bill’s sponsors hope that uninsured people can afford the new option and increase the percentage of people insured.
The bill was only backed by Democrats, with Republicans saying it is too much government involvement in the private sector and a step towards free health care provided by the government. government.
The new law also specifies that insurance companies must create networks to help reduce health disparities.
“Equity in health care and access to quality care will now be the norm in Colorado for all,” said Iman Jodeh, Democratic representative for Aurora. “This will be especially true for communities (black, indigenous and colored) that have been traditionally marginalized, neglected and undermined when it comes to their health while having a seat at the table, giving voice to the services they need. at a cost they can afford.
Polis also signed SB21-175, which would create a Prescription Drug Affordability Review Committee to assess drug costs. The board can also set new price limits for 12 drugs per year and make additional recommendations for other drugs.
Work to establish the board can begin immediately and board members must be appointed by January 1, 2022.
Other states like Maine and Vermont have this type of advice, but Colorado is so far the only state that allows the council to set price caps for certain drugs.
“Whether it’s in the clinic or talking to my constituents, the people of Colorado are incredibly alarmed by the prices of prescription drugs and healthcare in general, so I think by putting pressure on a system that has in somehow been able to charge whatever they want in the US, it will make a difference to healthcare prices in the future, ”said sponsor Rep. Yadira Caraveo, Democrat of Thornton and pediatrician.
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