SB 24-080

Senate Bill 24-080, now approved and effective as of June 5, 2024, requires health insurance companies in Colorado to provide easier access to price information for healthcare services. This means that when you have questions about the costs related to your medical care or prescription drugs, you can use an online tool to get real-time answers based on your specific coverage details. The bill also mandates that these companies share certain data with state regulators and make it public, helping consumers understand their health insurance better.

Official Summary

The act requires health insurance carriers (carriers) to comply with federal price transparency laws and to make available an internet-based self-service tool that provides real-time responses to a covered person's questions concerning carrier prices that are based on cost-sharing information. The act also requires carriers to submit information required by federal pharmacy benefit and drug cost reporting laws to the commissioner of insurance and to make certain information regarding price transparency publicly available. APPROVED by Governor June 5, 2024 EFFECTIVE June 5, 2024(Note: This summary applies to this bill as enacted.)

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