DENVER– The Centers for Medicare and Medicaid Services, the Department of Health and Human Services and the U.S. Department of the Treasury have approved Colorado’s 1332 State Innovation Waiver to continue reinsurance for 2022-2026.
The Colorado Division of Insurance announced the preliminary individual plans and premiums for 2022 and should save state residents 24.1%. Final plans and premiums for 2022 will be released in mid-October.
Governor Jared Polis said that he believe that in order for Colorado to recover from the pandemic, individuals should be able to save money on healthcare while also getting adequate care.
This is the first 1332 waiver approved under the Biden-Harris administration and the new head of CMS, Chiquita Brooks-LaSure.
Brooks-LaSure said, “By extending Colorado’s waiver, CMS is acting to make sure the state can continue to innovate on solutions that work best for its residents. The Biden-Harris Administration will continue to partner with states to protect the health of Americans across the country. Together, we will work to expand on our efforts so all Americans can find the peace of mind that comes with health coverage.”
The reinsurance program will reimburse the state at different levels with a three-tiered structure, offering more assistance to rural and mountain areas of Colorado. These areas frequently experience higher premiums and health insurance in the past.