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Friday, July 27, 2012

Affordable Health Insurance Plans Available to Colorado Residents in 2013

The Department of Health Care Policy and Financing
In response to the Affordable Care Act requiring states to offer a marketplace exchange where people have choices in health care policies and premiums, the state of Colorado is well on its way to rolling out a new, affordable health insurance exchange scheduled to begin in 2013.

The Colorado Health Insurance Cooperative, Inc. (CO-OP) will begin marketing health insurance programs in 2013 with coverage beginning in 2014. With help from the U.S. Department of Health and Human Services (HHS) in the form of a $69 million loan, the CO-OP will be able to provide individuals and small businesses quality health coverage at affordable prices.

The CO-OP is unique because it is a non-profit health insurance company. Those who purchase insurance through the CO-OP become members of the CO-OP, and operating profits are put right back into the CO-OP to keep rates low and coverage high. Consumers will be able to have more control over program design and cost.

An initial feasibility study indicated strong support for the plan by consumers, health care organizations, the Colorado Medical Society and the National Federation of Independent Business. Individuals and small businesses will be able to purchase plans through the Colorado Health Benefit Exchange and local insurance brokers and insurance agents.

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