Trending...
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- Local Interior House Painter in Denver, CO
- Top Rated Painting Services In Berkeley Lake Park Denver, CO
Gov. Polis: $50 million of new federal funds will save Coloradans even more money on health care through the bipartisan Colorado Reinsurance Program
DENVER - Today, the Centers for Medicare and Medicaid Services (CMS), part of the U.S. Department of Health & Human Services (HHS), announced that it is providing additional funding to 13 states, including Colorado, in support of the Affordable Care Act Section 1332 reinsurance waivers. This additional funding of nearly $50 million for Colorado's Reinsurance Program is a result of expanded subsidies for people buying health insurance from the individual market (meaning not from an employer) provided under the American Rescue Plan (ARP).
"$50 million of new federal funds will save Coloradans even more money on health care through the bipartisan Colorado Reinsurance Program," said Governor Polis. "By slashing health care premiums, Coloradans will have more money in their pockets for groceries or gas while also ensuring quality, affordable health care is available to every Coloradan. This $50 million in additional funds for Colorado's Reinsurance Program will be used to further reduce insurance premiums."
The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA), administers the Reinsurance Program, which lowers premiums and makes coverage more affordable by reducing the financial impact of high-cost health insurance claims.
More on Colorado Desk
"The work of the Polis-Primavera administration and the work of the Division of Insurance continue to help Coloradans by making health insurance more affordable. This additional funding will not only help to decrease premiums and get more people covered, but it also helps to strengthen the reinsurance program," said Colorado Insurance Commissioner Michael Conway. "A successful reinsurance program has been key in stabilizing our health insurance market, allowing us to retain insurance companies, bring in new companies, and have others expand their offerings in the state."
The additional funds announced by CMS today range from $2.5 million to $139 million per state – varying based on factors such as the size of a state's reinsurance program. The exact amount Colorado will receive in additional pass-through funding will be $49,827,328. Section 1332 of the Affordable Care Act (ACA), allows states to propose innovative ways to provide their residents high-quality, affordable health insurance that includes the basic protections of the ACA. The 1332 waiver gives Colorado the ability to fund a substantial amount of the Reinsurance Program with federal funds—dollars that would not have otherwise come to the State. The additional pass-through dollars adds to that funding.
In the first year of reinsurance, 2020, the program saved people 20% on their health insurance, meaning premiums would have been 20% higher without the program. In 2021, it saved Coloradans nearly 21%. Based on preliminary reviews of information for 2022, the program is projected to save Coloradans 24% on their individual insurance.
More on Colorado Desk
Recently, CMS approved Colorado's 1332 State Innovation Waiver to continue the Reinsurance Program for 2022 - 2026. It was the first 1332 waiver approved under the Biden-Harris Administration and the first approved by the new head of CMS, Chiquita Brooks-LaSure.
Find more information about the Colorado Reinsurance Program at the DOI's Reinsurance website.
DENVER - Today, the Centers for Medicare and Medicaid Services (CMS), part of the U.S. Department of Health & Human Services (HHS), announced that it is providing additional funding to 13 states, including Colorado, in support of the Affordable Care Act Section 1332 reinsurance waivers. This additional funding of nearly $50 million for Colorado's Reinsurance Program is a result of expanded subsidies for people buying health insurance from the individual market (meaning not from an employer) provided under the American Rescue Plan (ARP).
"$50 million of new federal funds will save Coloradans even more money on health care through the bipartisan Colorado Reinsurance Program," said Governor Polis. "By slashing health care premiums, Coloradans will have more money in their pockets for groceries or gas while also ensuring quality, affordable health care is available to every Coloradan. This $50 million in additional funds for Colorado's Reinsurance Program will be used to further reduce insurance premiums."
The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA), administers the Reinsurance Program, which lowers premiums and makes coverage more affordable by reducing the financial impact of high-cost health insurance claims.
More on Colorado Desk
- The Blue Luna Encourages Local Schools to Take Steps to Enhance Safety for Students and Staff
- The Sessions Studios Secures $300 Million Commitment to Launch World-Class Studio and 15-Film Global Slate
- Smart Resnse Unveils Smart Resnse(SRMS) Token-Powered AI Orchestration Platform to Revolutionize Multi-Billion Dollar Market
- Josh and Heidi Follow Up the Much Anticipated and Successful Launch of the "Spreading the Good BUZZ" Podcast with a Personal Request
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
"The work of the Polis-Primavera administration and the work of the Division of Insurance continue to help Coloradans by making health insurance more affordable. This additional funding will not only help to decrease premiums and get more people covered, but it also helps to strengthen the reinsurance program," said Colorado Insurance Commissioner Michael Conway. "A successful reinsurance program has been key in stabilizing our health insurance market, allowing us to retain insurance companies, bring in new companies, and have others expand their offerings in the state."
The additional funds announced by CMS today range from $2.5 million to $139 million per state – varying based on factors such as the size of a state's reinsurance program. The exact amount Colorado will receive in additional pass-through funding will be $49,827,328. Section 1332 of the Affordable Care Act (ACA), allows states to propose innovative ways to provide their residents high-quality, affordable health insurance that includes the basic protections of the ACA. The 1332 waiver gives Colorado the ability to fund a substantial amount of the Reinsurance Program with federal funds—dollars that would not have otherwise come to the State. The additional pass-through dollars adds to that funding.
In the first year of reinsurance, 2020, the program saved people 20% on their health insurance, meaning premiums would have been 20% higher without the program. In 2021, it saved Coloradans nearly 21%. Based on preliminary reviews of information for 2022, the program is projected to save Coloradans 24% on their individual insurance.
More on Colorado Desk
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- Faex Health Unveils AI Powered Fiber and Supplement Detection for Smarter Gut Health Insights
- Colorado Springs parks enhance economic growth, over 20 million visitors last year
- VSURY Launches in Denver, Redefining Website Design and Development for the Modern Brand
- Colorado: Governor Polis Statement on Passing of Former Commissioner of Agriculture John Stulp
Recently, CMS approved Colorado's 1332 State Innovation Waiver to continue the Reinsurance Program for 2022 - 2026. It was the first 1332 waiver approved under the Biden-Harris Administration and the first approved by the new head of CMS, Chiquita Brooks-LaSure.
Find more information about the Colorado Reinsurance Program at the DOI's Reinsurance website.
0 Comments
Latest on Colorado Desk
- Ally Solutions Gains Momentum as the Most Affordable AI Front Desk for Small Businesses
- Governor Polis Highlights Colorado's Expansion of Opportunities in STEM Education and Health Care
- Governor Polis, Colorado Education Leaders: Trump's Cuts to Education Funding Hurts Colorado Students, Teachers, and Future Workforce
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
- Heartfelt Dreams Foundation Launches Campaign to Build CHD Hospital
- Radarsign Tackles Intersection Safety with Launch of Grid-Free Solar LED Stop Sign
- Don't Let Roaches Take Over: Why Cockroaches Are Thriving in Denver Homes
- Miami Real Estate Agent Drastically Increases Interest In Homes
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
- City Council invites community engagement: Volunteer for Colorado Springs Boards, Commissions, and Committees
- Colorado Springs: Summer Sunrise Openings on Pikes Peak – America's Mountain
- Colorado Springs: Phil Long Dealerships donates $10,000 to City's Keep It Clean COS initiative
- Transformance Advisors Proudly Announces 128 Newly Certified Lean Practitioners
- Heritage at South Brunswick Offers Immediate Townhome Appointments and Special Mortgage Incentive Fast-Moving Sales
- Colorado Springs: A Renewed Promise: Mayor Yemi's Fourth of July letter to the community
- Quarterly Pest Control Services in Colorado Springs
- NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
- Exciting New Era of Sports, Entertainment & Gaming Innovation Spotlighted by Rebrand of Expanding AI Driven, Online Fan Engagement Company: SEGG Media
- Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros