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Gov. Polis’ office announced Thursday that Colorado’s Division of Insurance, part of the state’s Department of Regulatory Agencies, received notice from the federal Centers for Medicare and Medicaid Services that Colorado’s application for a 1332 waiver to establish a reinsurance program has undergone a preliminary review and was determined to be complete. The waiver allows Colorado to use federal funds meant for implementing the Affordable Care Act to establish a reinsurance program that would serve as a pool health insurance companies draw from for the highest-cost claims. Reinsurance is expected to cut health care premiums for most Colorado residents by as much as 20% as soon as it is implemented.
Gov. Jared Polis signed the bipartisan House Bill 19-1168 reinsurance bill into law month. Combined with initiatives like Summit County’s own Peak Health Alliance, Coloradans should expect to see significant drops in their premiums as early as next year. The waiver application is expected to be fully reviewed within the next 50 to 180 days.