Colorado officials proposed a public option for its state individual health insurance market, The Denver Post reports.
The plan, released Oct. 7, will be open for comment until Oct. 25 and is slated to go into effect in 2022. It was created by the state Division of Insurance and the state Department of Health Care Policy and Financing, under a directive from the state government.
Colorado's public option would be designed by the state but administered by private payers. The state would set hospital reimbursement rates, likely between 175 percent and 225 percent of Medicare rates, according to the report. This is lower than the current individual market average.
The plan is expected to offer lower premiums, estimated to be 9 percent to 18 percent cheaper than other commercial plans, according to the report.
Read more here.
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