If they don’t reach agreements, the state could force some hospitals to accept lower rates to bring premiums down for the Colorado Option health plans, which are required to show a 10% reduction in 2024.
And while most hospitals have taken the position that they’ve done enough and shouldn’t be dragged into an issue between the state and insurance companies, one system pointed the finger back at the insurer that filed a complaint against it. The Division of Insurance is scheduled to hold public hearings on the proposed rates starting Tuesday and running through at least June 22. Colorado Insurance Commissioner Michael Conway could order hospitals to accept lower rates from insurers if he determines the rates are keeping them from meeting the Colorado Options’ premium requirements.The state set a “floor” rate that’s the minimum a hospital could be forced to accept.
The insurers “pointed to many other aspects of the health care system and to flaws in the design of the targets,” including that they don’t account for financial challenges in health care since 2021, he said. “The traditional arguments, let the market work and let competition work, haven’t led to cost reductions,” he said.
Here’s what individual insurers are saying about their efforts to reach the Colorado Option requirements:In filings with the Division of Insurance, Cigna Healthcare reported its silver plans would meet the requirement to reduce premiums 10%, but that its gold and bronze plans wouldn’t in five of the state’s nine regions.
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