Colorado Division of Insurance to Allow Continuation of Non-ACA-Compliant Health Plans through 2015
May 6, 2014
The Colorado Division of Insurance announced Friday it will allow insurance companies to continue health plans for individuals and small groups that do not comply with the ACA's minimum coverage for one more year, through 2015. This decision is based upon President Barack Obama's announcement in March to allow such plans to continue. "Allowing insurance companies to continue these plans for another year gives people more options and more time to navigate the transition to the Affordable Care Act (ACA)," said Marguerite Salazar, Commissioner of Insurance. "This added time will help them determine the best course of action for themselves and their families." Consumers who renewed individual or small group plans in 2013 may be able to renew these plans in 2014 for continuation into 2015, should their insurance company decide to continue plans. Renewals can be completed through Dec. 31, 2014, with an expiration date for plans of no later than Dec. 31, 2015. Insurance carries will not be required to continue their non-ACA-compliant plans and will need to make their own business decisions in this regard. They have spent the last few years gearing up to offer ACA-compliant plans, putting technology and infrastructure in place. The carriers are also likely to consider the needs and wants of their current members. 360benefits will continue to closely monitor carrier responses to this recent guidance and will update our clients as we learn more.