Valdez: So far, the Colorado Option has not worked out as promised
In 2021, as a former Democratic state representative, I voted in favor of the Colorado Option. That is the law we passed in 2021 which requires health insurance companies operating in the state of Colorado’s individual and small group health insurance markets to offer state government-administered “public option” health insurance plans starting this year, and that those plans must meet certain price reduction thresholds.
The law took effect this year, and so far, despite having voted for the law at the time, I am concerned about what I have seen.
Even though the law mandates that prices must come down, we have not seen that come to fruition yet.
In all but exceedingly rare instances, pre-existing plans in the Silver and Bronze level (which make up 90% of the individual market in Colorado) are cheaper than the Colorado Option.
And more concerningly, multiple insurance companies have had to leave Colorado’s health insurance market after being unable to meet the law’s price reduction mandates.
The Commissioner of Insurance has scheduled public hearings to take place this summer for insurance companies who were unable to comply with the law.
I am hoping that the Commissioner uses the hearings to explore how to more effectively work with insurance companies when it comes to implementing the law, instead of using the hearings simply as an opportunity to browbeat them.
Because in rural Colorado, results matter more than politics.
Farmers, ranchers, small business owners, and rural families don’t care who voted for what law as much as they care about seeing good policy implemented well and bad policy taken to the woodshed.
Now is not the time for finger pointing.
Now is the time for Colorado’s lawmakers and policymakers to come together on behalf of all Coloradans. The Colorado Option law needs fixing, and it needs it fast. And if it can’t be fixed, then it’s time to go back to the drawing board and work together to develop a different solution to bring affordable care and coverage to all Coloradans.
Donald Valdez is a fifth generation Southern Colorado rancher and a former member of the Colorado House of Representatives.
This article originally appeared on The Pueblo Chieftain: Valdez: So far, the Colorado Option has not worked out as promised
