Question

Each state is responsible for providing regulatory oversight over health insurance provided to its residents. In Colorado, explain some of the key regulations that the state imposes on health insurance markets. This can include:

• Restrictions
• Prohibitions
• Guarantees

Answer 1

KEY REGULATIONS THAT STATE IMPOSES ON HEALTH INSURANCE MARKETS:

• Colorado has a state-run exchange connect for health Colorado. The state passed legislation to create exchange and is among 12 states that are running their own exchanges and enrolment platforms.
• new regulation implements a permanent 2.5 month open enrolment period.
• 5.6% average rate hike for 2019, but most subsidized enrolees have lower net premiums due to larger subsidies.
• Colorado insurers have added the cost of CSR to on- exchange silver plans.
• many grand junction enrolees with subsidies experienced rate hikes if they didn't switch plans.
• Colorado is now allowing brokers to charge fees if the insurer doesn't pay a commission.
• state is seeking federal input on the likelihood of approval for a 1332 waiver to expand catastrophic plans.
• senate rejected reinsurance, Medicaid buy- in study, and state based subsidies, but 2018 election resulted in a democratic trifecta, so those issues could be revisited in 2019
• state considered but rejected switch to single rating area.
• 32.7% average approved rate increase , addition cost for CSRs was added to all plans.