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THE FUTURE OFCOLORADO HEALTH CARE
A preview to the forthcoming report on an economic analysis of health care reformand the impact on Colorado’s economy
This study is authored by the New America Foundation incollaboration with University o Denver’s Center or Colorado’sEconomic Future with support rom the Colorado HealthFoundation and The Colorado Trust. Based on original andsecondary state-specifc data, the study describes the economicconsequences o maintaining the current system o healthcoverage and delivery o health care services. It then analyzesthe costs and benefts o increasing health insurance coverageand reorming the health care delivery system. The report’spairing o unique data and economic analysis is intended to helpstate policy and business leaders make well-inormed decisionsabout the uture o health policy in Colorado. The New America Foundation team is led byHealth Policy Program Director Len Nichols,PhD. The New America Foundation is a nonproft, nonpartisanpublic policy institute that invests in new thinkers and new ideasto address the next generation o challenges acing the UnitedStates. The University o Denver’s Center or Colorado’s EconomicFuture team is directed by Charlie Brown. The Center inormsand enhances public dialogue on issues aecting Colorado’slong-term economic health and quality o lie by providinginormation, research, and analysis. Henry Sobanet, principal o Colorado Strategies, serves as manager o this project or theUniversity o Denver.
about this study
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Health care costs place increasing strain
on Colorado households, employers, and governments. Indeed, Coloradohas the seventh highest health care costs in the nation.
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In 2008, health insurance premiums in Colorado representednearly 22 percent o median amily income.
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During that same year, the average deductible – the amount Coloradansmust spend beore insurance begins to pay or their medical care – was more than $1,600. Te cost o healthinsurance will continue to grow in the uture. In act, the Colorado Business Group on Health projects that premiumsare expected to grow 10 percent per year.
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Tese high and increasing costs make health insurance and health care unafordable or many o Colorado’s citizens,businesses, and governments. As many as 834,000 Coloradans are uninsured.
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In addition, U.S. businesses spend nearlythree times as much per worker per hour or health benets, making it di cult to compete in a global economy.
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Smallbusiness owners cite the high cost and inaccessibility o health insurance as undamental obstacles to entrepreneurship.Finally, health care costs continue to claim a larger share o government budgets. Colorado spends almost $1.6 billionon Medicaid alone. Tis represents roughly 21 percent o the $7.5 billion in the Colorado General Fund.
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Te upward trajectory o Colorado’s health care costs has proound implications or the state’s economy. o helpexplain the impact o these costs, this document previews a orthcoming report that analyzes how health care reorm would impact the Colorado economy. Specically, the analysis uses Colorado-specic data to show that:• Failing to enact health reorm in Colorado will lead to higher health care costs, more uninsured Coloradans,and higher health spending, especially by businesses.• Increasing health insurance coverage in Colorado will spur increased economic activity and create more jobs,even aer accounting or the costs o nancing reorm.• Focusing Colorado’s health care delivery system on value and e ciency will allow the state to deliver higherquality care at lower costs over time, while reeing up resources or other state priorities.
Introduction
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