State Mandates Health Insurance
May 2, 2008 by Bob Schenkenberger · 2 Comments
Well it hasn’t been mandated yet, but Senate Bill 217 is laying the groundwork for requiring ALL Coloradoans to be covered by Health Insurance. More Information Here.
As a small business owner, Health Insurance has been my biggest frustration over the past 15 years. Premiums rise 30% per year, EVERY year! I finally took more control over my situation with an HSA (Health Savings Acct.) Not the perfect situation, but at least now I feel I have some control. Yes, you’re correct, I am bitter.
I will watch carefully to see where this goes, but the immediate questions that come to mind are:
- How much is this going to cost? The purpose is clearly to gain coverage for the working poor, the non-working poor, and un-insured children. Make no mistake, the legislature knows full well that is to be a state subsidized program.
- Who qualifies for the subsidies?
- Will Colorado become a magnet for those in need of free health care?
- How long will it take to bankrupt the state? (I know a bit presumptive, but a valid concern)
- Does this address the true problem of the health care system? Or, are we ignoring the bigger issue that insurance companies are the primary cause for health care costs to be so out of whack?
- Are the insurance lobbies somehow responsible for this proposed bill?
- Will we have to learn the words to “Oh Canada?”
I’d love to hear your thoughts.
Bob has been an active REALTOR for 18 years. During this time, he has closed over 500 transactions, and has been the broker of record for 1000's more. Bob can be reached via email (bob@gethomedenver.com) or phone (303.770.1180.)
Colorado overregulated the individual and small employer health insurance market so badly that few insurers, if any, are willing to effectively compete in the state. Premiums are sky high due to some of the state’s requirements (I used to work in the regulatory area of a large health insurer). Deregulate, and premiums will fall (Louisiana started some deregulation and prices actually fell). Funny how there is such a correlation.
Thanks John for your insight. It becomes very frustrating when you pay such high premiums and then speak to our pediatrician (a personal friend also) and they let you know that insurance is 3-12 months slow to pay them the deeply discounted amount owed!