Nov 15, 2013 9:23 AM by Maddie Garrett

Colorado Insurers to Decide on Cancelled Plans

A day after President Barack Obama's announcement to allow the continued sale of insurance plans that would have been cancelled by year's end, the House of Representatives is set to vote on a bill called the "Keep Your Health Plan Act." This Friday, it's now unclear how Colorado will be affected by these changes.

Already, nearly 250,000 Coloradans have received a notice that their health insurance will be cancelled because they don't comply with the Affordable Care Act. The bill being proposed would permit insurance companies to continue selling existing policies that fall short of coverage standards laid out in the Affordable Care Act.

In Colorado, insurance companies will decide on what to do about cancelled plans. The Colorado Division of Insurance is still looking into the implications of Obama's announcement.

Insurance Commissioner Marguerite Salazar said in a statemnet that some carriers may choose to allow "early renewal," or to keep a current plan through 2014. Salazar warned that while keeping an existing plan "may be a reasonable choice" for some people, those extended plans won't comply with new federal insurance mandates.

Salazar recommended that people get a broker to help navigate the system for free. Those brokers are paid commission by insurance companies who factor in that cost to the premiums they charge.

You can find out more information about the brokers here:



»Topics in this article

Most Popular

Top Videos

1 2 3 4