The new Colorado health benefit exchange and how it will work are popular topic among the people of Colorado. It is an online marketplace where Colorado individuals and families can shop for health insurance plans and receive access to federal tax credits. The small business will also have access to a group of market place. The Colorado health insurance exchange will open for enrollment October 1, 2013 with coverage beginning January 1, 2014.
The DOI will review every plan by July 31, 2013 and the dead lines for carriers to submit plans were May 15, 2013.
The proposed carriers of Colorado Health Insurance Exchange
The following carriers proposed to proffer plans through Colorado’s individual and/or small group exchange:
- All Insurance Company (Individual)
- Anthem (HMO Colorado and Rocky MountainHospital & Medical Service) (Individual and Small Group)
- Cigna Health and Life Insurance Company (Individual)
- Colorado Choice Health Plans (Individual and Small Group)
- Colorado Health Insurance Cooperative (Individual and Small Group)
- Denver Health Medical Plan (Individual)
- Kaiser Foundation Health Plan of Colorado (Individual and Small Group)
- New Health Ventures (Individual)
- Rocky Mountain HMO (Individual & Small Group)
- Rocky Mountain Health Care Options (Small Group)
- See Change Health Insurance Company (Small Group)
The proposed rate of the health insurance exchange
According to the DOI the premium for the health insurance plan may vary depending on Medical expenses and the portion the customer pay in pay in co-pays and other out-of-pocket expenses. The DOI states they have already identified that some plans do not meet the law requirements. The final plan review will ensure that all plans offered through the Exchange will meet ACA regulations.
Two examples of individual plan rates for a 40-year old non-smoker on a Silver-rated plan are:
- New Health Ventures, Access Health Colorado Plan (Area 1) $458.89/month
- Cigna Health & Life Insurance Company, Copay Assure Silver $356.88/month
Colorado Health Insurance Exchange Stats:
- Total Residents: 4,986,000
- Total Health Expenditures (in millions): $30,060
- Exchange Decision: State-based exchange
- Total Health Insurance Exchange Grant: $61,437,747
- EHB Benchmark Plan Status: Recommended
The Colorado Health Benefit Exchange was signed into law by Governor John Hickenlooper in June of 2011. The legislation defines Colorado’s exchange as a “non-profit unincorporated public entity.” Colorado’s health insurance exchange will be governed by a board of 12 members possessing specific health care-related skills and knowledge.
Any young adult individual and small group health plans sold in Colorado including its health exchange must cover certain essential health benefits. The Affordable Care Act lists ten, including but not limited to: mental health and substance abuse treatment, ambulatory services, hospitalization, prescription drugs, pediatric services and more. Colorado has submitted a recommendation for Colorado’s largest small group plan.