DENVER ~ In a recent letter to Colorado's Congressional delegation, Governor Jared Polis and Lt. Governor Dianne Primavera have called for an extension of the Enhanced Premium Tax Credit to prevent a spike in health care bills for Coloradans at the end of September.

The call for action comes after Governor Polis hosted a roundtable discussion in Grand Junction with small business owners, non-profit and chamber leaders, and local elected officials. The discussion focused on the impacts that the expiration of the tax credit would have on Western Slope businesses and individuals who purchase health insurance through the Affordable Care Act marketplace.

According to the letter, without the tax credit, families of four who previously qualified for it would see an increase of over $25,000 in their annual premiums. This would affect those earning 400% of the federal poverty line, which is equivalent to $128,000 per year on the Western Slope. The ripple effects of these drastic cuts in federal support would also harm entire communities, as rural hospitals and safety net providers would see a sharp rise in uncompensated care due to people being forced to go uninsured.

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The impact of allowing the tax credit to expire would be significant not just for Coloradans but also for millions of Americans who depend on it to afford health coverage in the individual market. In Colorado alone, nearly 225,000 individuals rely on this credit. If it is allowed to expire, average premium increases will exceed 170%, with some rural counties facing increases of over 300%. This will hit families, ranchers, and small business owners on the Western Slope and Eastern Plains particularly hard.

The letter urges Congress to act now and extend the tax credit in order to protect the health and financial stability of Colorado families, small businesses, and rural hospitals. Failure to do so by the end of September could result in double or triple health insurance costs for hundreds of thousands of Coloradans starting on January 1. This would force families to choose between keeping their health insurance or paying for other essential expenses such as rent or mortgage.

Data from the Colorado Division of Insurance and Connect for Health Colorado highlights the significant impact that the expiration of the tax credit would have across the state. In Denver County, premiums for those currently eligible for the tax credit would rise by 164%, while in Arapahoe County they would increase by 179% and in Jefferson County by 161%. This could result in a 25% increase in uninsured Coloradans.

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Similar increases are projected for other districts, with some areas facing even higher premium increases. For example, in Larimer County, premiums could rise by 194%, resulting in a 15% enrollment loss. In Mesa County, premiums could increase by 170%, while Garfield County could see an increase of 262%. In Crowley County, families could face a staggering 334% premium increase, leading to a nearly 40% increase in uninsured individuals on the Eastern Plains.

The impact of these potential premium increases is not limited to rural areas. In El Paso County, those currently eligible for the tax credit could face a premium increase of 159%, resulting in a 27% increase in uninsured individuals. Similarly, Adams and Weld counties could see premium increases of up to 195%, with Weld County being one of the hardest hit areas with a potential enrollment loss of 25%.

In light of these alarming projections, Governor Polis and Lt. Governor Primavera are urging Congress to take immediate action and extend the Enhanced Premium Tax Credit before it expires at the end of September. Failure to do so would have devastating consequences for Colorado families, small businesses, and rural hospitals. The time to act is now.

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