HB 23-1224: Colorado Standardized Health Benefit Plan Act

• Modifies the definition of "equivalent rate" for pediatric specialty hospitals to apply to health systems where over 90% of the population served is under 18 years old and that have a level one pediatric trauma center, using Medicaid fee schedules as of the effective date with a 1.52 conversion factor.

• Changes "medical inflation" calculation to use the Denver-Aurora-Lakewood area's medical care index and bases the average on the previous three years instead of ten years.

• Requires the Exchange and Commissioner to develop a standardized format for displaying standardized plans on the Exchange to allow consumers to easily identify and compare plans after stakeholder engagement.

• Establishes a new section requiring carriers to file standardized plan rates at required premium rates and authorizes the Commissioner to establish uniform limits on administrative costs and profits if rates remain actuarially sound.

• Restructures the process for public hearings on carriers' failure to meet premium rate requirements, including 15-day notice requirements, defined rules for evidence submission, and changes appeals from district court to the Colorado Court of Appeals.