Gov. Jared Polis Signs 9 Bills Into Law, Including One That Tackles Rising Costs Of Prescription Drugs

DENVER (CBS4/AP)- Gov. Jared Polis signed nine bills into law on Wednesday. He said the new laws will help families by fighting health care costs and improving education.

Polis started his day on the West Steps of the state Capitol where he signed two bills involving health care. One requires the insurance commission to set up a standardized health plan that will set up three tiers of coverage through the Colorado exchange.

What was once envisioned as a so-called "public option" to be offered by the state became a plan passed during the just-concluded legislative session that requires premium reductions by 2025 of 15% from plans now offered.

The law gives the state insurance commissioner the power to fine hospitals and health care providers. The plan will be developed by the state, insurers and health care providers by Jan. 1, 2022. It affects about 15% of Colorado's insurance market.

Advocates argued the initiative will expand health care affordability, especially among underserved communities that include minorities and rural residents.

Opponents claimed it could force many physicians and specialists who refuse to participate to abandon the state. Some business groups have said insurers could increase premiums for other plans to cover any losses under the state-supervised plan.

The other tackles the high price of prescription drugs.

"Over the next several years, this policy will make sure that critical medications that Coloradans need just to survive, to live, are attainable by establishing affordability costs limits on prescription drugs," said Polis.

The governor is also signing bills into law that address learning loss from the coronavirus pandemic and to improve access to quality early learning and care.

(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)