It’s a big day for business bills at the Capitol this afternoon with a series of major bills up in committee hearings this afternoon. One bill scheduled for the Senate Health and Human Services Committee is Senate Bill 48, which would require all health insurers in Colorado to cover anti-obesity medication for the treatment of pre-diabetes, among other things.
The Colorado Chamber has added this bill to its Wallet Watchdog campaign highlighting the increasing financial strains and high prices for Colorado consumers. The Chamber remains in an opposed position on the bill due to the impact it would have on health insurance premiums across the board.
When coverage mandates are placed on health insurance plans, it raises premiums for everyone – and obesity treatment medication is extremely expensive. Last session under a similar proposal, insurers estimated that policyholders could expect to see an annual premium increase ranging from $216 to $288 per person across health plans.
SB 48 also comes with a substantial fiscal note on the state budget, which estimates that the Department of Health Care Policy and Financing would face an increased $76 million in costs this year, $139 million next year, and $128 million in 2027. The fiscal note analysis bases those costs on assuming close to 150,000 Medicaid clients will be newly eligible for weight loss medication under the bill.
While well-intended, SB 48 would only worsen our current state budget deficit and increase everyday costs for Coloradans. The Chamber will continue to oppose the bill and will keep members updated on its progression.