Colorado Health Insurance

Colorado has fewer insurance regulations than most states. Still, it's important to familiarize yourself with them, so you're more confident and wise in your purchase.

This guide:

  • Describes Colorado health insurance policy regulations.

  • Lists rules Colorado health insurance companies must follow.

Health insurance policies are regulated by each state's own health insurance laws. Colorado health insurance companies and policyholders alike must abide by established insurance laws.

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You can pick what coverage you want and set your limits and deductibles, before applying for more personalized rate info. This is a service that will provide you with competing quotes from local agents who can also offer help with setting coverage limits, deciding on a plan, etc.

Colorado health insurance policy provisions

Some of the most important Colorado health insurance laws to be concerned with are the ones regulating the health insurance policy specifically.

For one, Colorado health insurance companies must include a guaranteed renewability provision in any health insurance policy they issue. This policy provision states that, as long as premiums have been paid, an insurance company cannot deny you continued coverage.

Also, Colorado insurance companies can only impose an exclusion period for pre-existing conditions for 12 months. After 12 months, the policy must cover ye pre-existing condition.

The definition of a pre-existing condition varies from state to state. In Colorado, it refers to a condition you have received medical treatment or were diagnosed for within the 12 months prior to the beginning of the plan.

If you are switching Colorado health insurance companies and have had continuous coverage, your old coverage can be used to credit the pre-existing condition period of your Colorado health insurance policy.

Regulating Colorado health insurance companies

Colorado health insurance companies are either licensed in the state of Colorado or not. If they are licensed, you know, as a consumer that the company has passed the Colorado health insurance regulations.

Although being licensed is a good quality indicator of Colorado health insurance companies, you should still be aware of the few basic Colorado health insurance company regulations.

For one, no matter what the status of your health is, your health insurance is always renewable. It is illegal for an insurance company to deny you continued coverage on the basis on health.

Although you are guaranteed renewability without regard to your health, your health does determine the cost and availability of health insurance. Colorado health insurance companies are not limited in how much they can charge you for health insurance and any Colorado health insurance company can refuse to sell you health insurance.

This means that if a Colorado health insurance company agrees to sell you a policy, your premiums prices can still significantly jump due to health and age.

Since Colorado health insurance companies do not have to adhere to strict prices and have the freedom to deny risky applicants, it is especially important to but health insurance while you are young and healthy, thereby securing a low-costing but comprehensive health care plan.

More CO health insurance help

If you want more help getting the a good health insurance policy, read our guide to health insurance.

Also see the guide to Colorado small business health insurance.

To find out more about CO health insurance laws and regulations, visit the official website of the Colorado Department of Regulatory Agencies, Insurance Division.