By Eric Galatas
The cost of health insurance is going up again in Colorado but a report due by year’s end on launching statewide “Medicare for All” coverage could offer price relief down the road.
Coloradans who do not get coverage through their jobs are expected to pay 10% more when they select plans during this fall’s open enrollment period, a jump on top of last year’s 23% increase.
Dr. Rhonda Randall, chief medical officer for UnitedHealthcare Employer and Individual, said the monthly premium is just one of the overall costs to consider.
“You want to ask yourself, ‘What am I going to be responsible for paying beyond that monthly premium?’ And I’m talking about out-of-pocket costs like co-pays, coinsurance, deductibles. Make sure that you’re considering and understanding what all of those numbers mean,” Randall recommended.
All plans are not created equal and Randall said it is important to anticipate your family’s medical needs, if you’ve been diagnosed with a new condition, if you’re planning to grow your family, or if you need a procedure. She suggested asking questions like “Are my prescription drugs covered?” and “Is my doctor in the network?”
What a recent study on transitioning to single-payer health insurance found
Last year, Colorado lawmakers called for a study on how to transition health coverage away from multiple insurance companies into what is known as a single-payer system.
Bill Semple, board vice chair of the Colorado Foundation for Universal Health Care, explained instead of paying insurance premiums, deductibles and co-pays, people would just pay their taxes. A single state agency would then pay hospitals and other health providers for their services.
“The providers would still be the same but the funding would be much, much simpler. There would be no open enrollment. If you’re a resident of Colorado, whether you’re married, single, working, unemployed, between jobs, you would be covered,” Semple pointed out.
Semple argued removing the middleman would reduce overall health spending, largely by eliminating redundant administrative costs, including billions in insurance company profits. He pointed to new research at the Yale School of Public Health showing savings from switching to a national single-payer system would be on par with the Pentagon’s annual budget.
“Their estimate was that we would spend $1 trillion less a year and over 100,000 people a year would not die because they would be getting good healthcare,” Semple underscored.
UnitedHealthcare contributes to a PNS fund for reporting on healthcare.
Related: Feds target funding for first-generation Colorado college students
