To expand the inexpensive coverage, Colorado is restoring a progressive health care goal by creating a public health insurance option as the state moves past the pandemic.
The state recently became the first to acquire a federal waiver, an extraordinary plan called the “Colorado Option” Offered by the state’s Affordable Care Act exchange starting in 2023.
This Plan competes with private options with a premium of 22.3% lower on average. Around 32,000 residents could gain coverage through the “Colorado option” when the waiver expires by 2027.
Colorado would enlarge a state subsidy program to lower costs for the people unfit for federal subsidies. Washington is the only state with a public option, but Nevada, Oregon, and Connecticut are considering similar legislation.
Insurers providing ACA exchange plans in specific counties will be required to provide a “Colorado Option” for individual and small-group coverage.