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June 6, 2024

ICYMI: SIGNED! Bill to Improve Health Insurance Transparency Becomes Law

SB24-080 ensures insurance compliance with federal regulations in Colorado

DENVER, CO – Governor Polis yesterday signed into law legislation sponsored by Senators Rhonda Fields, D-Aurora, and Sonya Jaquez Lewis’, D-Longmont, and Representatives Mary Young, D-Greeley, and Julia Marvin, D-Thornton, that will enhance transparency in health care coverage. 

Currently, insurers are required to disclose and post pricing details and submit prescription drug spending information to the federal government. However, this information is not easily accessible to Coloradans. SB24-080 will ensure transparency for consumers so they can make informed decisions about their health care. 

“Coloradans deserve to have easy access to information on health insurance costs,” said Fields. “Right now, too many health insurance carriers aren’t complying with federal price transparency laws. By addressing the problem at the state level, we can hold these companies accountable and help save Coloradans money on health care.”

“We’re committed to saving Coloradans money on their health care, and this legislation ensures that statewide insurance companies are complying with federal price transparency laws,” said Rep. Mary Young, D-Greeley. “To improve health outcomes for every Coloradan, we must make health care more affordable and accessible. This law gives consumers a clear view of their health care costs and ultimately saves them money.” 

“I’m proud of our work to make health care coverage more affordable for Coloradans. This new law is the next step forward in that process,” Jaquez Lewis said. “Folks would have a digital tool to compare rates, covered items and services, and get real time responses on questions so they can find an option that works best for them and their family.”

“To save Coloradans money on health care they need tools at hand to compare the rates of procedures and medical services,” said Rep. Julia Marvin, D-Thornton. “This new law ensures that our health care companies are complying with federal price transparency laws. We’ve made important progress to bring down the cost of health care, and this law makes sure consumers have a better understanding of the cost associated with health care for themselves and their families.”

The new law requires carriers to submit information on their negotiated rates and prescription drug trends to the Division of Insurance (DOI) in an easy-to-read, accessible format. DOI will have the ability to ensure compliance from insurers by creating a consumer price comparison tool that insurers use to input data so that Coloradans can easily access cost sharing information on all items and services.

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