On Wednesday, Colorado became the eighth state to comply with a federal mandate to set up a health insurance exchange, and the first state to approve the exchange with bipartisan approval.
Gov. John Hickenlooper was joined at St. Anthony Hospital in Lakewood, Colo., by state lawmakers and leaders from the business, consumer, health and insurance industries to sign legislation that creates the Colorado Health Benefits Exchange.
"This legislation moves Colorado forward with one voice," Hickenlooper said. "The health exchange will allow individuals and small businesses to choose among easy-to-compare affordable health care options. It will give Coloradans more control, quality choices and better protections when buying insurance. We are grateful to the bill's sponsors, Sen. Betty Boyd and Rep. Amy Stephens, and various interest groups for working through partisan politics to do what's right for all of Colorado."
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SB 200 "Health Benefits Exchange" sponsored by Senate President Pro-tem Betty Boyd, D-Lakewood, and House Majority Leader Amy Stephens, R-Monument, establishes a voluntary, competitive insurance marketplace. The legislation will allow individuals and small businesses looking for insurance to join together with others to negotiate for group rates and discounts the way larger companies currently do.
The Colorado Health Exchange will be an independent public entity not affiliated with an existing state agency or department and initially funded by gifts, grants and donations. The exchange will be governed by nine board members of whom the majority will be individuals and business representatives who are not directly affiliated with the insurance industry. The board will hire the exchange's executive director.
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