Voters in Colorado will have a chance to weigh in on the single-payer healthcare system in 2016 — a new initiative will be added to the ballot next year, according to a report from The Denver Post.
Initiative 20, "State Health Care System," will likely appear next year on the ballot. Here are five key notes on ColoradoCare:
1. The single-payer system would allow residents to choose their own healthcare providers, but ColoradoCare would pay the bill.
2. ColoradoCare would raise $25 billion for healthcare costs through a 10 percent payroll tax. This would double the current state budget.
3. Residents would gain premium healthcare coverage for $5 billion less than is paid now, according to the report, and Colorado Care could cut administrative costs for private insurance companies.
4. The people who currently qualify for federal aid could continue to receive those benefits under ColoradoCare.
5. The governor would appoint a 21-member governing board for the initiative. The coverage would be available to anyone earning an income in Colorado.
While there are mixed opinions about the single-payer system, Colorado State Association of Health Underwriters Board President Byron McCurdy doesn't support it. In the report, he said the single payer system "would destroy our industry."
There are concerns about physician recruitment in the single-payer system and raising money to support it. Employers would pay 6.67 percent in payroll taxes and employees would contribute 3.3 percent to pay for state coverage. Self-employed individuals would pay 10 percent of net income.