The Polis administration just cut $51 million from its budget request for Colorado’s reinsurance program
The administration of Gov. Jared Polis has scaled back how much money it is requesting to continue the state’s new reinsurance program after pushback from lawmakers and a happy surprise from the federal government.
Polis had asked lawmakers to spend an additional $60 million on the program, which helps health insurers pay their highest-cost claims. The program has resulted in some people who buy insurance on their own seeing extraordinary price drops for their premiums — close to $1,000 less per month this year for some families. But, because of the way the Polis administration moved money around in the program to achieve those price drops, it needs extra dollars from the legislature to continue the savings next year.
The new request is for $9 million, Colorado Insurance Commissioner Michael Conway told members of the legislature’s Joint Budget Committee during a hearing on Friday. The lower amount will be enough to maintain the program’s savings, Conway said.
“We only need an extra $9 million to continue the premium relief that this vital program is providing to Coloradans right now,” Conway said at the hearing.
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