How will Healthcare Reform Legislation Affect the Cost of Colorado Health Insurance?

Consumers and health insurance companies in Colorado are already clamoring to learn how the recent Healthcare Reform Legislation will affect their bottom line.  But the timing of each change included within this complex piece of legislation is designed in to occur in several phases, with some important initiatives going into effect this year.

Given the number of new people who will now be added to the roles of Colorado health insurance companies, these companies should be able to offer insurance at lower rates in the not too distant future.  According to Representative Jared Polis (D-Colorado), the bill will make health care more affordable for most American families, as well as for small businesses, but initially it will provide a great benefit for the self-employed.

However, many lawmakers believe the legislation is nothing more than a government takeover of our health care system.  Representative Mike Coffman (R-Colorado) voted against the bill because he worries it will lead to higher premiums and higher taxes for the middle class, as well as painful cuts in Medicare. 

With so many opinions being broadcast this week, it may be difficult to separate fact from fiction.  But when it comes to Healthcare Reform, it is always best to learn the facts.  Many Republicans, in an effort to make voters fear the legislation, have spread misinformation about the bill, but Democratic leaders argue that the bill shouldn‚Äôt hurt anyone, but rather it will help those who need it the most. 

The people who will be impacted the most by this new healthcare legislation are those with pre-existing conditions, who will now be able to access healthcare without being turned away.  Colorado health insurance will also become more affordable for the self-employed.

According to the Colorado Center on Law and Policy (CCLP), the key benefits expected this year are an end to partial Medicare drug coverage, also known as the ‚Äúdonut hole‚Äù, the end of imposed exclusions for people with pre-existing conditions, and the end of annual coverage limits. 

Overall, more than 500,000 Coloradoans without health insurance will now be covered, and about 60,000 Medicare recipients will have their medications fully covered.

 If you need help understanding how the new Healthcare Reform legislation will affect your family, it makes sense to consult with a Colorado health insurance broker. Michael Horvat is a health insurance expert and broker with HealthQuotes.com in Colorado Springs, CO. If you need a quote for Colorado health insurance policies, please give Michael a call anytime at 800-345-0789.