Colorado’s state-based Obamacare insurance market, Connect for Health Colorado, on Monday reported a record number of health plan signups.

More than 175,000 residents bought plans during the market’s annual three-moth enrollment period, which ended on Friday, according to Connect for Health. In a statement, the exchange reported that the rate of signups pushed ahead of last year’s rate by 12 percent.

The statistics are sure to be referenced at the Legislature this week.

On Tuesday, Sen. Jim Smallwood, a Republican from Parker, is set to present to the Senate finance committee his SB 003, which aims to eliminate Connect for Health Colorado.

Smallwood says Coloradans could switch over to the federal exchanges set up by the Affordable Care Act  and that eliminating the state exchange would save at least $5 million in fees.

Critics say that, if passed, the bill would unnecessarily ratchet up uncertainty in the already shaken national health care market, leave Coloradans exposed to the storm brewing in Washington around Obamacare, and translate as either hiked rates for insurers and consumers that would tally much higher than $5 million or the end to the expanded health coverage enjoyed by hundreds of thousands of state residents since the Affordable Care Act took effect in 2010.

Smallwood’s bill was originally scheduled to be heard last Tuesday. The planned hearing drew a crowd of hundreds to the Capitol in a defiant show of support for the state exchange.

“We are extremely pleased with the number of Coloradans who took the important step to protect their health – both their physical and financial health – by choosing coverage through our shopping portal,” said Connect for Health Colorado CEO Kevin Patterson in Monday’s release. “The steady growth we have seen in each of our open enrollment periods shows we are making valuable progress in providing affordable health insurance to a growing number of individuals and families in Colorado.”

Additional statistics provided by Connect for Health:

– Since November 1, state residents selected 172,361 medical plans and 3,603 dental insurance plans through the state Obamacare exchange, and 27 percent of those plans were chosen by new Connect for Health customers.

– Sixty-two percent of Connect for Health customers this year qualified for financial aid, which averages $371 a month per household.

– john@coloradostatesman.com