HB 24-1113

House Bill 24-1113, which has been signed into law, helps individuals who are enrolled in small group or individual health insurance plans. If their current insurance company leaves the market and they have already paid out-of-pocket expenses like deductibles for that year, this bill ensures that when they switch to a new insurer during a special enrollment period, the new plan will credit them with those payments they've already made. This means individuals won't need to pay these costs twice. The law also gives the insurance commissioner authority to create rules about how this process works.

Official Summary

For small group and individual health benefit plans, if an individual who is entitled to receive benefits or services under a health benefit plan has incurred any out-of-pocket expenses, including payments for a deductible or other coinsurance amount, under the health benefit plan during a plan year, and the individual's health insurance carrier exits the health insurance market and can no longer provide coverage to the individual, the bill requires the individual's new health insurance carrier to credit all of the out-of-pocket expenses paid by the individual in accordance with the original health benefit plan in the given plan year to the new health benefit plan if the individual enrolls in the new health benefit plan in the established special enrollment period. The bill grants rule-making authority to the commissioner of insurance. (Note: This summary applies to this bill as introduced.)