Colorado Individual Health Insurance
Health insurance is an important precaution that should be considered an inevitable necessity by every family. Being the head of a family, it becomes your duty to protect your family against sickness or injuries and deal the financial burden associated with those medical costs.For those considering private Colorado individual health insurance, there are seemingly endless possibilities, as there are often literally hundreds of plans to choose from. Finding out more about the rules and regulations regarding these individual health insurance plans in Colorado is your first step to deciding if this option is right for you.
Eligibility: How Am I Evaluated?
Applicants for Colorado individual health insurance are evaluated based on individual factors, including age, past medical history, gender, lifestyle habits, geographical location and family size (if applying for family coverage as well). An applicant can be turned down for any reason, including their past medical history of a pre-existing condition. Newborns are covered under their parent’s policy for at least the first 30 days. The state also mandates health insurance companies to offer equal coverage limits and maximums for mental health conditions as for physical health conditions.
In compliance with regulations, Colorado guarantees acceptance into ColoradoCover, the state’s high-risk health insurance pool, for HIPPA eligible consumers who are turned down by private insurers.
Colorado Guaranteed Benefits & Pre-Existing Conditions
In Colorado, health insurance providers are not required to carry any standardized health insurance plans. The law does require every plan to cover certain benefits, including mammograms, vaccinations, diabetes treatment, continuity care for pregnant women and breast cancer and prostate cancer screenings.
In the case of pre-existing conditions, Colorado allows insurers a 12 month look back period to determine what, if any, conditions should be considered pre-existing. If pre-existing conditions are found, they can place a 12 month exclusionary period on them, which means that the conditions will not be covered for the first year of your policy. In addition, a condition can instead be added on to the policy’s elimination rider, which will exclude the condition from your health insurance plan for the life of the policy.
Colorado Individual Health Insurance Premiums
Your initial premium will be based on your individual factors, such as age, gender, past medical history, smoking habits and how many people are covered under the policy. There is no limit on how much you can be charged for your initial premium or renewal premiums. Your insurer can raise your insurance premiums at any point of time. Your insurer can cancel your policy when it is time to renew, if they have decided to discontinue that policy altogether. Your policy can not be cancelled just because your health status has changed, even when it is time to renew your policy. Lastly, the state dictates individual health policies to give credit for your prior health coverage.
When looking for health insurance alternatives in Colorado, you need to go through the coverage details and the costs of the health plan. Getting in touch with a qualified broker/agent can assist you in choosing a health coverage perfect for you and your family.