DATE: June 2, 2023
CONTACT: Adam Fox, 303-563-9108, firstname.lastname@example.org
Jenny Davies, 720-296-9545, email@example.com
Colorado DOI postpones Cigna’s Colorado Option hearing
Insurer may be close to reaching premium price targets
DENVER – Today, the Division of Insurance announced that the Colorado Option public hearing for Cigna, originally scheduled for June 6th, has been postponed to June 13th. This decision seems to be in response to the insurer reaching tentative agreements with hospitals to reach premium reduction targets and allows the Division more time to review that information prior to a hearing.
Cigna’s original filings met the 10% premium reductions required for Colorado Option plans (adjusted for inflation) on all their silver level plans, but were missing the targets on bronze and gold level plans in some areas. New information filed with the Division indicates that Cigna and the respective hospitals from complaints that were filed may have reached agreements for reductions in reimbursement that will allow Cigna to achieve or get closer to the necessary premium reductions.
Adam Fox, deputy director of the Colorado Consumer Health Initiative released this statement in response to these developments:
“This is a good sign that the Colorado Option process is working to achieve the premium reductions and is making better coverage more affordable for Coloradans. Cigna has made a good faith effort by meeting target reductions on silver level plans and participating fully in the Colorado Option public hearing process. That appears to be paying off for Coloradans.
“We must see, at a minimum, information to verify premium price reductions based on these tentative agreements. It’s clear the process leading up to a hearing is working as intended, and is bringing insurers and hospitals to the table to negotiate lower health care costs for Coloradans.”
The hearing has been postponed to June 13th. Coloradans can sign up to provide public comment and share how more affordable and better coverage through Cigna’s Colorado Option plans would benefit them.
Colorado Consumer Health Initiative is a nonpartisan, nonprofit, membership-based group advocating for equitable access to high-quality, affordable health care. CCHI serves Coloradans whose access to health care and financial security are compromised by structural barriers, affordability, poor benefits, or unfair business practices of the health care industry.