Catastrophic health plans - application for state innovation waiver contingent on actuarial analysis - if waiver approved limitations apply and rules and reporting required - repeal dates - appropriation. The act requires the commissioner of insurance to conduct an actuarial analysis to determine if the sale of catastrophic health plans to Colorado residents 30 years of age and older and to those who do not meet a hardship requirement would result in a reduction in advanced premium tax credits received by Colorado residents or increase the average premiums of individual health plans. If the actuarial analysis demonstrates that the total amount of advanced premium tax credits would not decline, the commissioner shall apply to the secretary of the United States department of health and human services for a 5-year waiver of the federal law that restricts catastrophic health plans offered through the Colorado health benefit exchange to individuals under the age of 30 or meeting a hardship requirement. Catastrophic health plans under an approved waiver must only be sold through the health benefit exchange and would not be eligible for advanced premium tax credits. If the waiver is denied, the statutory section is repealed on the date the revisor of statutes is notified of the denial. If the waiver is approved, the law is repealed January 1, 2023.
The act appropriates $9,200 from the division of insurance cash fund to the department of regulatory agencies for use by the division of insurance for personal services.
(Note: This summary applies to this bill as enacted.)