by Eric Galatas | Colorado News Connection
Between 2013 and 2022, health care spending in Colorado surged by 139% to nearly $30 billion, according to a new analysis by the Center for Improving Value in Health Care.
Cari Frank, vice president of communications at the center, said in addition to rising private health insurance premiums paid by Coloradans and their employers, people are also paying more out-of-pocket.
“Out-of-pocket costs for the most recent year of data, in 2022, was roughly a little bit over $1000 out of pocket per person, per year, for people with commercial insurance,” Frank reported. “That has risen over 45% since 2012.”
Between 2013 and 2022, the amount of medicine prescribed to patients increased by 10% and drug costs rose by 151%. The number of outpatient visits ticked up by 25% and the cost of those visits rose by 51%.
Higher costs do not necessarily affect insurance company bottom lines. The Denver Post reported Cigna Healthcare’s 2022 profits at $6.7 billion.
Frank noted out-of-pocket costs increased by 80% for older Coloradans with Medicare Advantage, plans claiming claim to limit health costs for people living on fixed incomes.
“Which is roughly $1700 per person, per year,” Frank pointed out. “Again, huge for a senior population who may not have any income coming in the door besides Social Security.”
The analysis of data from the Colorado All Payer Claims Database found the number of inpatient hospitalizations dropped by 19% since 2013 and costs only dropped by 11%.
Frank believes access to transparent, reliable data is essential for policymakers to improve the state’s health care system.
“This data is helping people understand where can we implement policy changes that can bring down those prices,” Frank emphasized. “Then this data can help track the progress that we’re making when those legislative initiatives go into effect.”