This bill represents a significant opportunity loss for Colorado. Should legislation for an interstate compact pass in the Colorado General Assembly, and then be approved by both houses of Congress, the state would no longer receive the benefits resulting from the national health care reform law. The passage of House Bill 1273 would do nothing tangible to reduce the number of uninsured or underinsured in Colorado, improve health care outcomes, better manage premium or health care costs, implement insurance market reforms or provide other potential benefits of the national law.
What do new federal health care reforms and existing state law do to help rein in health insurance premium increases?
One tool is the use of "rate review." Prior to 2008, Colorado was a "file and use" state. File and use required insurance companies to file rates and rating data with the Divivison of Insurance; rates could be implemented before they were reviewed, but if they were determined to be unjustified, corrective action could be imposed.