Colorado Health Insurance
Colorado has fewer insurance regulations than most states. Still, it's important to familiarize yourself with them, so you're more knowledgeable, confident and wise in your purchase.
Describes Colorado health insurance policy regulations.
Lists rules Colorado health insurance companies must follow.
Health insurance policies are regulated by each state's own health insurance laws. Colorado health insurance companies and policyholders alike must abide by the established health insurance laws.
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Colorado health insurance policy provisions
Some of the most important Colorado health insurance laws to be concerned with are the ones regulating the health insurance policy, specifically.
For one, Colorado health insurance companies must include a guaranteed renewability provision in any health insurance policy they issue. This policy provision states that, as long as premiums have been paid, an insurance company cannot deny you continued coverage.
Also, Colorado insurance companies can only impose an exclusion period for pre-existing conditions for 12 months. After 12 months, the policy must cover all pre-existing conditions.
The definition of "pre-existing condition" varies from state to state. In Colorado, it refers to a medical condition you have received medical treatment for, or were diagnosed with, within the 12 months prior to the beginning date of the plan.
If you are switching Colorado health insurance companies and have maintained your health insurance coverage with no lapses, your old coverage can be used to credit the "pre-existing condition period" of your Colorado health insurance policy, meaning that the condition, though it existed before the new policy came into effect, must still be treated under the new policy.
Regulating Colorado health insurance companies
Colorado health insurance companies are both licensed in and outside the state of Colorado. If they are licensed, then you know that the company has passed the Colorado health insurance regulations.
Although being licensed in Colorado is a positive quality indicator of Colorado health insurance companies, you should still be aware of a few basic Colorado health insurance company regulations that directly effect your decision on which company to employ.
For one, no matter what the status of your health is, your health insurance is always renewable. This means that it is illegal for an insurance company to deny you continued coverage on the basis on health.
Although you are guaranteed renewability without regard to your health, your health does determine the cost and availability of health insurance. Colorado health insurance companies are not limited in how much they can charge you for health insurance and any Colorado health insurance company can refuse to sell you health insurance.
This means that if a Colorado health insurance company agrees to sell you a policy, your premiums prices can still significantly jump due to health and age.
Since Colorado health insurance companies do not have to adhere to strict prices and have the freedom to deny risky applicants, it is especially important to buy health insurance while you are younger (rather than older..now) and healthier, thereby securing a lower-costing and comprehensive health care plan.
More CO health insurance help
If you want more help getting the a good health insurance policy, read our guide to health insurance.
Also see the guide to Colorado small business health insurance.
To find out more about CO health insurance laws and regulations, visit the official website of the Colorado Department of Regulatory Agencies, Insurance Division.