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(b) Increasing costs of health care in Colorado have led to premium increases for health insurance in the individual market that have created a financial burden for some Coloradans purchasing insurance in the individual market;
(c) That burden is heightened in rural areas of the state, where premiums are considerably higher than in metropolitan areas of the state and there is a lack of competition among health-care providers and carriers;
(d) Because of the financial burden high-cost health insurance places on consumers in rural areas, a considerable number of these cost-burdened consumers may not purchase health insurance, exacerbating the problems of few carriers, few plan options, and high health insurance costs in rural regions, as well as increasing the number of uninsured Coloradans; and
(e) Colorado has historically been a national leader in health-care innovation, and it is important to use that innovative spirit to address the rising costs of health care in the state by directing the commissioner of insurance to create a reinsurance program that will:
(I) Make private health insurance in the individual market more accessible and affordable;
(II) Encourage participation and competition by carriers throughout the state, but particularly in rural areas of the state, in order to give consumers the ability to seek value in health insurance coverage;
(III) Decrease costs of care, leading to lower premiums and restraining, if not decreasing, the growth in federal spending commitments in the individual market; and
(IV) Support and empower, and increase access to affordable, high-value health insurance for, consumers who are ineligible for premium tax credit subsidies while minimizing any potential negative effects on access to affordable, high-value insurance for consumers who are eligible for premium tax credit subsidies and cost-sharing reductions.