Helping Consumers in our State Understand the Single-Payer Health Care Initiative “ColoradoCare”
Our state will be entering “election season” this summer and Colorado citizens will soon be bombarded by those annoying robocalls and ads on the radio and TV. Typically our agency does not discuss or promote politics, however we’ve decided with this particular amendment it’s important for us to educate our clients. Amendment 69 is a very dangerous and destructive Amendment to our state Constitution and will be on the ballot this fall. If passed, it will create very devastating consequences to our state and its citizens. We will be posting several articles in the coming months regarding information about this ballot issue because it will effect Colorado in numerous and different ways and we’d like to discuss these individually.
This month we will give you a basic Q&A understanding of the proposed amendment.
Question: What is Amendment 69? Also known as ColoradoCare, Amendment 69 is a single-payer healthcare initiative that will create a government run, universal healthcare system in Colorado. Due to appear on the 2016 general election ballot, the passage of Amendment 69 would eliminate private health insurance and subsidies provided through Colorado’s insurance exchange and funding for Medicaid.
Question: Who is responsible for assuring care? Over the course of three years, a board of 21 Trustees will be elected by Colorado residents. The Board of Trustees will be responsible for all healthcare operations, including decisions related to funding taxation and benefit levels.
Question: How will this be funded? It will be paid for by a premium tax increase to Coloradans, based on income, which will be used to pay healthcare providers. There will also be a tax on non-payroll income. This would put no less than a $25 billion dollar increase in taxes each year on Coloradans.
Beginning July 1, 2017, transitional operating fund taxes or TOFT, will be collected at the following rates:
- 0.6% of payroll income from employers
- .3% of payroll income from employees
- .9% from non-payroll income
One month prior to ColoradoCare’s launch, premium taxes will be collected at the following rates:
- 6.67% of total payroll income from employers
- 3.33% of total payroll income from employees
- 10% from non-payroll income
Where do I go to learn more? To learn more about Amendment 69 and the affects it will have on the healthcare system and other facets of our state economy in Colorado, please visit ColoradansForColoradans.com. We will continue to provide you with more information and educate you about the ramifications of this amendment to our State Constitution in the coming months.