Colorado’s reinsurance program will save people who buy their health insurance on the individual market an estimated $493 million next year, compared to how much premiums would have risen without it, according to the Polis administration. Statewide, premiums on the individual market will rise by an average of 5.6%, while they will increase about 7.1% for small-group plans. Reinsurance is a backstop that limits how much insurance companies have to pay out for the relatively small number of people who have highly expensive medical needs each year.