Now Coloradans have to pay lesser premiums thanks to the Affordable Care Act. It is expected that the premiums rate will fall by 14- 20 % when the health reforms are implemented. That effectively means that you will now pay $ 1510 - $ 2160 as premium for your family.
The fall in premium rates is accredited to two reasons – a) it covers more people,
reforms the market and thus increases the market competition and b) it saves on administrative charges.
Not just the premiums, the reforms will benefit the state of Colorado in other ways as well. Here is a glimpse at a few of them:-
• 500,000 currently uninsured Coloradans will have access to coverage with the new health reforms in place. Presently the number of uninsured residents is estimated to be between 750,000- 770,000.
• 90,800 small businesses in the state would be benefited by a smaller business tax credit that would make it easier for employers to provide insurance to their workers. These small businesses were earlier about 18 % more than large ventures for the same coverage.
• 2.9 million Coloradans do not have to worry about their coverage running out as there would be no lifetime limits on the coverage provided. This will save them from a huge medical bills and out-of pocket expenses.
• A $5 billion temporary early retiree program will stabilize early retiree coverage and ensure that the firm provides coverage to all those who have retired early. Companies, unions, state and local governments will be eligible for the benefits which will reach out to more than 62,700 people.
• 18,600 individuals in the state of Colorado will now have affordable access through the coverage of their parents. Effective from September 23, plans and insurers must allow children to stay in their parents’ coverage till they turn 26.
• Colorado has a funding of $90.3 million dollars to cover uninsured residents with pre-existing medical conditions through a high-risk pool program that is to be funded entirely by the federal government. The program will be administered by the Federal Government if the State chooses not to run it.
• Children can now longer be denied coverage on the basis of pre-existing medical conditions. This comes as a relief to thousands of parents across Colorado.
The Act will bring in more funding for the Community Health Centres and National Health Service Corps, starting from October1, 2010.
Colorado, for the first time, will also have the option of Medicaid for all low-income population, irrespective of age, disability or the family status.
The Act also gives people the freedom to keep a plan if they like it. The patient’s choice of doctors will also be protected in the Act. No prior authorization would be required for emergency care or if a woman wants to see an ob-gyn.
It is not just about the numbers. The new health reform plans will make coverage more affordable and make the insurance market more competitive. This will give the same buying power to individuals, families and business owners to choose the plan that suits their needs.
