State Senate approves Roberts’ bill to lower health insurance premiums for Colorado Option plans

Colorado Senate Democrats on Monday issued the following press release on the passage of state Sen. Dylan Roberts’ (D-Avon) bill to lower health insurance premiums for Colorado Option plans:

DENVER, CO – Today, the Senate passed Senator Dylan Roberts’, D-Avon, bill to lower insurance premiums.

HB23-1224, would lower insurance premiums and make it easier for consumers to shop for high value standardized health plans that work for them and their families. The bill would ensure that profits and administrative costs aren’t passed down to consumers while improving the rate review process.

“Every Coloradan, no matter where they live, deserves to have access to the life-saving health care they need,” said Roberts. “Colorado has led the way in lowering costs of health care by creating the Colorado Option. This bill builds on the first year of success of that plan and makes changes that will ensure that next year and in the years to come, even more Coloradans, particularly in the rural communities like those I represent, will be able to have access to more affordable and higher quality insurance options.”

The legislation strengthens the Department of Insurance’s (DOI) ability to hold carriers accountable for the premium rate reduction requirements on Colorado Option Standardized Plans by granting the DOI the authority to:

• Limit factors such as as excessive profit and administrative expenses;
• Structure the public hearings process efficiently while ensuring all parties have the opportunity to participate;
• Help consumers easily find and compare plans that could lower their out-of-pocket costs.

HB23-1224 will return to the House for concurrence of amendments. Follow the bill’s progress HERE.