CO HB1113

Requires new health insurance carriers to credit all out-of-pocket expenses paid by a covered person under an insolvent carrier's plan to the new health benefit plan for small group and individual plans.

Defines "out-of-pocket expenses" as expenses paid for medical services and prescription drugs including coinsurance amounts, but excluding premium payments.

Limits credit amounts when original plan out-of-pocket expenses exceed the new carrier's coinsurance requirements; new carrier not required to apply excess amounts.

Applies only to individual health benefit plans when covered person meets special enrollment period requirements for a triggering event.

Grants the Commissioner of Insurance rulemaking authority to establish protocols for carriers to follow when crediting out-of-pocket expenses, based on out-of-pocket maximum amounts.

Effective January 1, 2025, for health benefit plans issued or renewed on or after that date, subject to referendum petition.