Will They Revolutionize Medical Coverage?April, 2007
Colorado health insurance has experienced tremendous change in the last year, with recent legislation opening the door to potential arrangements that could make our medical coverage industry finally sit up and take notice of consumers.
The
Colorado Springs Business Journal loudly proclaims that they have "some good news about health insurance" to deliver. As things stand now, this is enough to make most men and women look twice, since most health insurance news is usually bad news.
But surprisingly, the Colorado health insurance market is showing some signs of good health. More and more employers are offering decent insurance coverage, and more working families are currently covered. From 2005 to 2006, exactly 1,289 more businesses offered medical coverage to their employees and the dependants of those employees, according to a recent report from Colorado's Division of Insurance.
And while this may not seem like much, between 2000 to 2005 nearly 23,902 businesses in the U.S. discontinued their medical coverage, revealing that a major downward trend in this country was reversed in Colorado.
How is it possible? Something that's called "rating flexibility" led to the shift; rating flexibility basically forces health insurance companies to compete for your business. Of course there are some special interest groups that would like to repeal these reforms that have helped Colorado turn the corner toward a more stable health insurance market. But, hopefully they won't succeed.
Facts on:
Colorado Health Insurance
Did you know...
From 2000 to 2005, nearly 23,902 businesses discontinued health coverage?
|
At the same time that these shifts are taking place, a new medical coverage bill awaits review that would ban health insurance companies from using the health history of workers to raise their rates in businesses with 50 employees or less. This would make
medical coverage a great deal more affordable for employers, and allow them to shift a smaller amount of the health insurance burden to their employees and make it easier for both employers and employees to
compare health insurance plans.
Whether or not these reforms pass will be a point of great interest on a statewide and national scale. Colorado health insurance is fast becoming more affordable and more available, and if legislation answers the needs of its people, it's going to stay that way.
Current Topic:
Recent Topics:
