Colorado Individual Health Insurance
Health insurance is a priceless precaution that should be considered a necessity by every person and every family. 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, and family size (if applying for coverage as well). An applicant can be turned down for any reason, including their past medical history. Newborns are covered under their parent?s policy for at least the first 30 days.
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, diabetes treatment, and 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, past medical history, and how many people are covered under the policy. At renewal, your premiums will be based on the claims that were made by every customer who purchased the same plan as you. So, although you may not have filed any claims at all, your premium may still increase if other customers of the same plan had a high ratio of claims. Your premium is not based on your own health and claims experience alone. In addition, there is also no limit to how much you can be charged for an initial premium or any renewal premium.
Lastly, your policy can not be cancelled just because your health status has changed, even when it is time to renew your policy. Also, due to the way the risk is spread out to everyone who holds the same policy type, your premiums shouldn?t take a large hit either. This is a way that Colorado law helps to protect customers who become ill and begin to accumulate expensive medical bills.