The Division is seeking comments on the following draft proposed emergency regulation:
DRAFT Emergency Regulation 20-E-13 - Minimum Standards for Medicare Supplement Policies
The purpose of this draft emergency regulation is to provide for the reasonable standardization of coverage and simplification of terms and benefits of Medicare supplement policies; to facilitate public understanding and comparison of such policies; to eliminate provisions contained in such policies which may be misleading or confusing in connection with the purchase of such policies or with the settlement of claims; to provide for full disclosure in the sale of accident and sickness insurance coverage to persons eligible for Medicare; and to comply with the mandate of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) which prohibit the sale of Medicare supplement benefit policies that cover Medicare Part B deductibles to “newly eligible” Medicare beneficiaries defined as those individuals who become eligible for Medicare due to age, disability or end-stage renal disease, on or after January 1, 2020. This emergency regulation would replace Colorado Insurance Regulation 4-3-1 in its entirety.
This regulation is being revised and proposed to be issued as an emergency regulation to ensure that this regulation complies with current federal requirements relating to which plans are available to consumers when they initially become eligible for Medicare, and to ensure that consumers whose Medicare Cost Plans are being discontinued prior to January 1, 2021, are able to enroll in an appropriate Medicare Supplement plan starting January 1, 2021.
The Division is requesting comments be submitted to DORA_INS_RulesandRecords@state.co.us no later than 5 PM, November 12, 2020.
This draft revised regulation, as well as other draft regulations currently released for informal public comment, can be found on our page for Draft Regulations and Bulletins for Informal Comments.