Connect for Health Colorado is the official name of the Colorado Health Insurance Exchange. It is a marketplace where an individual or small business without coverage will be able to find and enroll into affordable plans. Enrollments are scheduled to commence in October 2013, with plans set to become active no later than the 1st of January, 2014.
The marketplace was established as required under the federal Patient Protection and Affordable Care Act (PPACA), better known as the health reform act. As per the requirements of this new law, all U. S. Citizens and legal residents must have healthcare coverage starting Jan 1, 2014. Many states are setting up their own exchanges as the main mechanism through which this law will be implemented.
CHC is expected to provide access to coverage for 500,000 additional adults in the state. This means a vast majority of approximately 750,000 uninsured people in Colorado will be able to enroll into affordable plans. Those who already have insurance can also find a new plan if they think it will save them money and provide better coverage.
The program currently has two components. One is the exchange for individuals, and another one called SHOP for small businesses with no more than 100 employees. Larger companies with more employees will be able access this marketplace starting from 2017, assuming the state approves that too.
CHC is expected to cut down healthcare premiums by up to 20%. The competition among providers for the new customers, coupled with the market-based mechanism of CHC, is likely to trigger rate reductions across the board. On average, a family in Colorado can expect their premium costs to drop by about $1,510-$2,160.
Another advantage of this marketplace is that it eliminates some of the worst excesses under the old system. Among the biggest changes is the fact that providers will no longer be able to turn down applications from people with preexisting conditions. They won't be able to charge higher premiums, or refuse to cover a preexisting condition while allowing the applicant to enroll in a plan that covers said condition for others.
The establishment of CHC and all the administrative and operational costs are being borne by the federal government until 2016. The state will be required to pay five percent of costs starting from 2017, and the state's share of expenses will go up to 20 percent from 2020 onwards. Colorado will get more than $12 billion in additional federal funding to deal with the implementation and operational costs of this marketplace.
There has never been such an expansion of the government-aided social net since the New Deal was implemented. There have been protests about healthcare in the country being socialized, and business groups have been vocal about the additional costs they must face. There's also the possibility that confusion over the proposed changes coupled with implementation problems may cause the transition to be painful. However, what matters most is that the Colorado Health Insurance Exchange ensures that a majority of those previously uninsured will be covered going forward.
The marketplace was established as required under the federal Patient Protection and Affordable Care Act (PPACA), better known as the health reform act. As per the requirements of this new law, all U. S. Citizens and legal residents must have healthcare coverage starting Jan 1, 2014. Many states are setting up their own exchanges as the main mechanism through which this law will be implemented.
CHC is expected to provide access to coverage for 500,000 additional adults in the state. This means a vast majority of approximately 750,000 uninsured people in Colorado will be able to enroll into affordable plans. Those who already have insurance can also find a new plan if they think it will save them money and provide better coverage.
The program currently has two components. One is the exchange for individuals, and another one called SHOP for small businesses with no more than 100 employees. Larger companies with more employees will be able access this marketplace starting from 2017, assuming the state approves that too.
CHC is expected to cut down healthcare premiums by up to 20%. The competition among providers for the new customers, coupled with the market-based mechanism of CHC, is likely to trigger rate reductions across the board. On average, a family in Colorado can expect their premium costs to drop by about $1,510-$2,160.
Another advantage of this marketplace is that it eliminates some of the worst excesses under the old system. Among the biggest changes is the fact that providers will no longer be able to turn down applications from people with preexisting conditions. They won't be able to charge higher premiums, or refuse to cover a preexisting condition while allowing the applicant to enroll in a plan that covers said condition for others.
The establishment of CHC and all the administrative and operational costs are being borne by the federal government until 2016. The state will be required to pay five percent of costs starting from 2017, and the state's share of expenses will go up to 20 percent from 2020 onwards. Colorado will get more than $12 billion in additional federal funding to deal with the implementation and operational costs of this marketplace.
There has never been such an expansion of the government-aided social net since the New Deal was implemented. There have been protests about healthcare in the country being socialized, and business groups have been vocal about the additional costs they must face. There's also the possibility that confusion over the proposed changes coupled with implementation problems may cause the transition to be painful. However, what matters most is that the Colorado Health Insurance Exchange ensures that a majority of those previously uninsured will be covered going forward.
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