Those who are insured by CoverColorado must be wondering what’s in store for them in 2014. Well, to start, it is going away. Here is the letter that CoverColorado sent out to all insureds explaining how this program plans to wind down. But, there will be options for its beneficiaries. If you have any questions about this, just give us a call to discuss your personal situation. Read on for some FAQ’s.
Q: Why does CoverColorado have to end operations?
A:CoverColorado was established to provide coverage to Coloradans who were denied coverage because of a previous of current health condition. The Affordable Care Act (ACA) requires health insurance carriers to offer coverage to all individuals, regardless of any medical condition, beginning on January 1, 2014. Therefore, there will no longer be a need for CoverColorado.
Q: What options will I have when CoverColorado goes away?
A: Beginning in October of this year, you will have the opportunity to choose among various health plans through a new health insurance marketplace, called Connect for Health Colorado or you may also look for new coverage outside the new insurance marketplace. Sage can assist you with either, as well as advise you of your best option.
Q: How much will the rates be and how will they be determined?
A: Estimates on rates can be found here. Rates will not be based on an individual’s medical history. Rates may vary only based on age, smoking status and your county of residence.
Q: Will my coverage with the new carrier be the same comprehensive coverage that I have with CoverColorado?
A: The ACA mandates that all health insurance carriers participating in Connect for Health Colorado offer a minimum level of benefits that is very similar and in some cases broader than CoverColorado’s coverage. Here’s a list of essential (minimum) health benefits.
Q: How will I know if my doctor or other provider accepts coverage with the new insurance carrier?
A: Sage can help you determine if your provider is in the plan’s network of providers.
Q: How will I know if my prescriptions will be covered and how they will get transferred to my new insurance company? What about my pharmacy?
A: If you enroll through the exchange, you will be able to confirm that your medication(s) is on the formulary of the new plan, and see a list of participating pharmacies in each plan prior to enrolling. Sage can help you navigate this new software. Prescriptions do not get transferred automatically to your new health insurance carrier, so you should talk to your pharmacist to help you get your ongoing prescriptions transferred.
Q: When will I have to leave CoverColorado?
A: CoverColorado is ending all healthcare coverage on March 31, 2014. This means that if you are in a hospital or in the middle of treatment on March 31, 2014, CoverColorado will not pay for any expenses that you incur from April 1, 2014 forward. In order to ensure that your expenses are fully covered as of April 1, 2014, you must apply for new coverage no later than February 15, 2014.
Q: Will there be any changes to my current coverage with CoverColorado?
A: No, there are no changes to CoverColorado coverage or premiums in 2013 or in the first three months of 2014.
Sage will be able to review your options for 2014 starting on October 1, 2013. For priority support when this system comes online, please reserve a free consultation here. Reservations will be handled on a first come, first served basis.