Coloradans currently spend over $30 billion collectively every year on health care costs. ColoradoCare has found a way to cut those costs by $4.5 billion through a universal health care plan that would cover every Coloradan with benefits equal to or surpassing any plan currently available through the Affordable Care Act.
As Coloradans file their taxes and scrutinize their 2015 expenses, it’s a good time to take note of the unique opportunity for everyday Coloradans to actually save money by approving Amendment 69 on the November ballot this year. At least 80% of Colorado residents would save money on health care if Amendment 69 passes. By redirecting their health care dollars away from escalating premiums and debilitating deductibles paid to the corporate insurance industry and, instead, paying a fraction of that sum through a simple state tax primarily collected through a payroll deduction – much like Social Security and Medicare deductions – Coloradans will focus on better health and less wasteful bureaucracy while freeing up significant individual savings.
“This tax season, opponents of universal healthcare in Colorado – especially the Koch Brothers and Americans for Prosperity – think they can scare residents with misleading talk about taxes,” said Owen Perkins, Director of Communications for ColoradoCareYES. “They underestimate the ability of Coloradans to recognize ‘half-truths’ when they hear them. Our residents realize that $25 billion is a whole let less than $30 billion. Whether we’re paying to pad insurance industry CEO salaries that topped $60 million for a corporate executive in 2014, or paying directly to ensure that every family in Colorado has access to affordable, top quality care and that every provider is fully and competitively reimbursed, $25 billion vs. $30 billion is clearly a case where less is more for Colorado.“
The ColoradoCareYES campaign is releasing a series of tools to help Colorado residents see how much they would save if Amendment 69 passes.
The powerful new online calculator allows individuals and businesses to easily do the math and compare how much they spend now as opposed to what they would spend under ColoradoCare. By going to www.ColoradoCare.org/calculator, A couple examples of the individual savings to be found there include the following:
- A 41-year-old Denver man making $50,000 a year — a little below Colorado’s 2014 median household income of $61,303 — would get a 3.33% payroll deduction and spend $139/month under ColoradoCare, while his employer would see its contribution drop from approximately 13% of payroll currently to 6.67%, or $278/month under ColoradoCare. That man would pay three times as much at $480/month plus a $1,250 deductible for a comparable plan using the Exchange,or Marketplace under the current system, or he could pay “only” nearly double at $225/month with a whopping $5,000 deductible for the cheapest plan currently available.
- A 55-year-old woman in Durango making $100,000 a year would pay $278/monthwith her employer contributing $556/month if Amendment 69 passes. A comparable plan on the Marketplace would cost her $990/month with a $1,400 deductible — more than triple the cost, and the cheapest plan, with far fewer benefits, would currently cost her $590/month with an intimidating $5,000 deductible.
Additionally, ColoradoCareYES’ Saving Cities Millions research shows that counties, cities, towns, and other municipalities would save up to 82% of their health care expenses once Amendment 69 passes. The City and County of Denver, for example, would save over $57 million of the nearly $110 million it currently spends on employee health care, while the city of Cortez in Colorado’s southwest corner would save over $1.8 million of the $2.2 million it currently spends on municipal employees’ health care – a savings of 81% under ColoradoCare. A sample list of over 100 counties, cities, and municipalities is available at www.ColoradoCare.org/resources/saving-cities-millions/.