Colorado Healthcare Insurance laws & HR compliance analysis

Colorado Healthcare Insurance: What you need to know

There is no state law requiring employers to offer group healthcare insurance to their employees, but most employers do provide this benefit. However, if any health insurance is offered, Colorado's insurance laws require policies to cover certain benefits (mandated benefits) and give employees the right to continue group coverage in certain circumstances if the employee leaves the group.
For a Limited Time receive a FREE HR Report on the "Critical HR Recordkeeping”.  This exclusive special report covers hiring records, employment relationships, termination records, litigation issues, electronic information issues, tips for better recordkeeping, and a list of legal requirements.  Download Now
States are not permitted to regulate self-insured benefit plans. Colorado's mandated benefits, continuation, and conversion provisions do not apply to health plans in which the employer pays all benefits without the proceeds of any insurance policy. An employer's health plan is self-insured if the risk of paying claims is on the employer and not on an insurance company. Self-insured plans may contract with third-party administrators (TPAs), including insurance companies, to process benefit claims. The TPA pays the claims and is then reimbursed by the employer. Many self-insured plans also buy “stop-loss” insurance to cover very large claims. The purchase of stop-loss insurance does not result in the loss of self-insured status and the exemption from state insurance law regulation.
The Affordable Care Act (ACA) required the establishment of healthcare exchanges to provide individuals and small employers with access to affordable insurance coverage beginning January 1, 2014. States had the flexibility to design and operate exchanges that best met their unique needs while meeting the ACA’s statutory and regulatory standards.
Colorado has established its own state-based exchange called Connect for Health Colorado: http://connectforhealthco.com/. ...

Read more about Healthcare Insurance