May 13 - Due date for health insurers to submit plans for 2017
Division of Insurance will review plans over the summer.
During the week of May 30, the DOI will release a list of the companies that submitted plans for review along with the number of plans proposed for 2017. The two-week delay allows DOI staff to complete an initial review of the information - to make sure the filings are complete and in the correct format. The information released that week will still be preliminary. It will be what insurance companies have requested, not what DOI has approved.
At that time, the actual filing documents from the companies will also become available for viewing on the DOI’s page for Health Insurance Filings and Approved Plans.
Review of Submitted Plans
Over the summer, DOI staff will examine the plans to ensure they meet ACA requirements, that the premiums satisfy statutory and regulatory requirements, and verify that the plans meet the requirements of the metal tier levels (bronze, an average of 60 percent of medical expenses paid by the plan; silver, 70 percent; gold, 80 percent; and platinum, 90 percent).
In late September / early October, the Division will release a final list of approved plans and premiums for 2017, along with analysis and summary information. At that time, the DOI will also notify carriers and Connect for Health Colorado of the plans that have been approved for 2017.
UnitedHealthcare / Humana Insurance
For 2017, UnitedHealthcare, along with most of its subsidiaries, is discontinuing its participation in the individual market in Colorado, both on and off the exchange. However, Golden Rule Insurance, a subsidiary of UnitedHealthcare, will continue to offer its individual plans in Colorado off of the exchange. UnitedHealthcare will also continue its small and large group business in the state.
Humana will continue in the small group market for 2017 off the exchange, while exiting the individual market for both Humana Health Plans and Humana Insurance Company.
The discontinuance of the UnitedHealthcare plans will impact 10,549 people, while the Humana plans going away will impact 9,914 people. To put that into context, 7.7% of Coloradans purchased their health insurance in the individual plan market (not from employers) in 2015, both on and off the exchange, or about 420,000 people, according to the 2015 Colorado Health Access Survey from the Colorado Health Institute. That means that about 4.8% of the people buying individual plans will be impacted by the actions of UnitedHealthcare and Humana, or 0.38% of Coloradans.
Any consumers with individual plans from these companies should know that their coverage will remain in place until Dec. 31, 2016. Consumers should expect notices in July from the companies regarding the cancellation of their plans.
Bright Health Insurance
Bright Health Insurance Company has applied to be licensed as a health insurance company in Colorado. Bright's application to be licensed, and all related healthcare filings, is currently under review by the DOI.
The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA) regulates the insurance industry and assists consumers and other stakeholders with insurance issues. Visit dora.colorado.gov/insurance for more information or call 303-894-7499 / toll free 800-930-3745.