Gov. Polis announces substantial drops in insurance rates

State
FILE - In this May 8, 2019, file photo, Colorado Gov. Jared Polis responds to a question about a shooting at a charter school during a news conference in Highlands Ranch, Colo. (AP Photo/David Zalubowski, File)

FILE – In this May 8, 2019, file photo, Colorado Gov. Jared Polis responds to a question about a shooting at a charter school during a news conference in Highlands Ranch, Colo. (AP Photo/David Zalubowski, File)

DENVER (AP) — Gov. Jared Polis says health insurance premiums are dropping substantially for Coloradans buying individual plans on the state exchange next year.

In news conference Thursday, Polis said the average 2020 price drop will be more than a 20% difference from current rates.

It’s the first drop of any kind since enrollments on the exchange began in 2013.

That’s largely because of a new state-run reinsurance program that covers the highest-cost cases, allowing insurers to drop their rates.

The new rates for individuals go into effect once the buying period for 2021 begins on the state exchange November 1.

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