CO| The Amended Regulation 4-2-82, from the Colorado Division of Insurance, establishes standardized requirements for health insurance carriers to notify policyholders about plan modifications, discontinuations, market exits, and prescription drug formulary changes for individual, small group, and off-exchange health plans. The regulation provides specific notice templates and timelines to ensure policyholders are informed of their options and any changes to their coverage, with the goal of promoting transparency and consumer protection.
Key points:
- Standardized Notification Requirements: Carriers must use approved notice templates and provide clear, timely communication to policyholders regarding plan renewals (with or without changes), reasonable modifications, discontinuations, market exits, and mid-year prescription drug formulary changes.
- Policyholder Options and Timelines: Notices must outline available options for policyholders, such as switching plans or carriers, and specify required advance notice periods (e.g., 90 days for plan changes/discontinuations, 180 days for market exits, 60 days for formulary changes).
- Consumer Protections and Accessibility: The regulation mandates inclusion of benefit comparison tables, information on financial assistance, and multilingual support to ensure all policyholders understand their rights and choices, with enforcement provisions for noncompliance.
These Amended Regulations go into effect May 30, 2025