Friday, May 24, 2013

Colorado Insurance Division Reviewing New Health Plans for State Insurance Exchange

The Colorado Division of Insurance is reviewing 813 health plans submitted by 17 insurers designed to offer coverage to consumers and small businesses starting Jan. 1, 2014. New plans must meet Affordable Care Act benefit and premium requirements before being sold on Connect for Health, Colorado's new health insurance.

Insurance Commissioner Jim Riesberg said a great number of carriers means more choice for Colorado consumers. 

During the next two months, DOI staff will examine the plans to make sure they meet newly established requirements to provide essential health benefits, such as providing hospitalization, maternity and newborn care and wellness services. DOI will verify out-of-pocket expenses. to determine plan category - bronze (60% of costs paid by the plan), silver (70%), gold (80%) and platinum (90%). 
A preliminary review shows monthly premiums vary widely, depending on co-pays and other out-of-pocket expenses. In addition, DOI has already noticed that some of the rates have not met the new requirements. DOI will watch for rates that seem extreme, either too high or too low. Over the next several weeks, carriers will submit information regarding marketing, physician networks, hospitals and other providers. The Division will finish reviewing plans by July 31.

No comments:

Post a Comment