The insurer was created to insure those individuals with pre-existing conditions who other carriers would not cover. The Affordable Care Act makes it illegal for carriers to turn away applicants because of pre-existing conditions, so there will no longer be a need for CoverColorado, according to Cover Colorado Executive Director Suzanne Bragg-Gamble.
In Larimer County, 1,178 people receive coverage from Cover Colorado, while 574 Weld County residents are covered by the program, according to data from Cover Colorado.
So what do Cover Colorado members do?
Members will be encouraged to contact their insurance brokers or to go to the health insurance exchange, called Connect for Health Colorado, to search for options on or after Oct. 1, when plans on the exchange become available.
“We are stressing that it’s important to obtain new coverage on Jan. 1 so members don’t have double deductibles in early 2014,” Bragg-Gamble said.
So what’s a double deductible? A double deductible is encountered when you change plans mid year. The money spent to meeting a deductible at the beginning of 2013 will NOT apply towards meeting the deductible of a new plan purchased when Cover Colorado closes. THAT is why they recommend you terminate your plan at the end of December and change to an Affordable Care Act/Obamacare plan starting January 1st, 2014.