Colorado Rate Review Grants Award
Cycle I Grant Application Summary
Colorado Grantee: Colorado Division of Insurance
Award Date: August 16, 2010
Award Amount: $1,000,000
- Improve the Review Process: Colorado currently prospectively reviews all health insurance premium increases. The State will update its existing review and filing requirements to enhance the quality of its review process and comply with all new federal requirements. Contracted actuaries and rate analysts will be used to develop and implement the new process.
- Increase Transparency and Accessibility: Currently, health insurance premium filings are not publicly available, but summaries are posted on the web. Colorado will make its website more consumer-friendly and will post complete premium increase filings. Additionally, the State will conduct web-based town hall meetings to educate consumers and will host public rate hearings.
- Develop and Upgrade Technology: Colorado will upgrade its systems to improve efficiency and streamline data sharing.
Cycle II Grant Application Summary
Colorado Grantee: Colorado Division of Insurance
Award Date: September 20, 2011
Total Award: $4,031,188
Baseline Award: $3,000,000
Workload Award Amount: $431,188
Performance Award Amount: $600,000
- Expand scope of rate review: Colorado will use new automated data tools to speed up the rate review processes and make the review process more efficient while also taking a more in-depth approach to the analysis and review of rates.
- Improve rate filing requirements: The Colorado Division of Insurance will amend Colorado Regulation 4-2-31 to require additional information be reported in the Health Cost Report which is used in the review of rate filings.
- Improve transparency and consumer interfaces: Colorado will expand education and outreach efforts through a combination of training, media, and outreach to consumers. Colorado intends to use these funds to plan an outreach campaign, make upgrades to consumer website resources and create publications for distribution on the rate review process.
- Hire new staff: Colorado will create 2 new positions with the Cycle II grant funds; this funding is in addition to the 6 new positions created with Cycle I resources.
- Improve IT: Colorado plans to build on State and federal plan design comparison efforts to introduce a streamlined data tool to collect uniform information on plan design. The State will develop online dashboards to enable managers to receive real-time information about the status of filings and allow for adjustment of resources to meet and exceed statutory deadlines and improve timeliness.
Last updated: September 21, 2012