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The Colorado Health Benefit Exchange was signed into law by Governor John Hickenlooper in June of 2011. The legislation defines Colorado’s exchange as a “non-profit unincorporated public entity.” Colorado’s health insurance exchange will be governed by a board of 12 members possessing specific health care-related skills and knowledge.
Any non-grandfathered individual and small group health plans sold in Colorado including its health exchange must cover certain essential health benefits. The Affordable Care Act lists ten, including but not limited to: mental health and substance abuse treatment, ambulatory services, hospitalization, prescription drugs, pediatric services and more. Colorado has submitted a recommendation for Colorado’s largest small group plan.
The Colorado Health Benefit Exchange is a state-based exchange that is governed by 12 members. The state has recommended using its largest small group plan as the benchmark for essential health benefits.
For more information about setting up a private exchange solution in Colorado, contact a representative at GoHealth today.