DATE: June 23, 2023
CONTACT: Adam Fox, 303-563-9108, email@example.com
Jenny Davies, 720-296-9545, firstname.lastname@example.org
Colorado DOI vacates Anthem & Rocky Mountain Health Plans Colorado Option hearings
Process is working to lower costs, but premium savings must be verified
DENVER – Today the Division of Insurance announced that the remaining adjudicative Colorado Option insurer hearings for Anthem and Rocky Mountain Health Plans have been vacated (canceled) because Division staff confirmed the insurer reached agreements with hospitals to reduce reimbursements under the law, and will be verifying corresponding reductions in their premiums. The goal of the hearings was to require insurers to present publicly why they are failing to meet the targets, hospitals (if identified in a complaint) to respond, and importantly, to hear public comment and analyze proposed premium rates vis-a-vis the statutory 10 percent premium reduction target (adjusted for inflation).
“It’s great news for Colorado families who have been struggling with the rising cost of health insurance,” said Adam Fox, deputy director of the Colorado Consumer Health Initiative. “It’s clear that the Division of Insurance process motivated insurers and hospitals to negotiate agreements to lower premium costs, making insurance more affordable for Coloradans.”
Passed by law in 2021, Colorado Option plans are standardized with the same benefits and cost-sharing in each metal level of coverage regardless of the insurance company, making it easier to make choices based on quality, providers that participate in the plan, and price. The law directs the Division of Insurance to hold public hearings concerning network adequacy and premium rates when plans fail to meet the requirements, authorizing them to establish carrier reimbursement rates for hospitals and health-care providers if necessary. Given the outcomes of negotiations, hearings were vacated for all the major insurance carriers.
“The Colorado Option plans will be a more affordable option for Coloradans next year because the process worked as intended, and hospitals and insurers negotiated to reduce costs,” said Fox. “We’re pleased that coverage and care will be more affordable and accessible for Colorado families. We look forward to verifying that insurers are passing savings on to Coloradans and are doing everything they can to meet the premium targets through their rate filings.”
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.