Colorado § 10-16-1410 Use of savings - report - rules

Colorado Statutes

§ 10-16-1410 — Use of savings - report - rules

Colorado·Title 10 Insurance·Art. Health-care Coverage

(1)Any savings generated for a health benefit plan that are attributable to the establishment of an upper payment limit established by the board pursuant to section 10-16-1407 must be used by the carrier that issues the health benefit plan to reduce costs to consumers, prioritizing the reduction of out-of-pocket costs for prescription drugs.

(2)On or before March 15, 2023, and on or before March 15 each year thereafter, each state entity and each carrier that issues a health benefit plan or optional participating plan shall submit to the board a report describing the savings achieved during the preceding plan year for each prescription drug for which the board established an upper payment limit during the preceding year and how those savings were used to satisfy the requirement

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(1) Any savings generated for a
health benefit plan that are attributable to the establishment of an upper payment
limit established by the board pursuant to section 10-16-1407 must be used by the
carrier that issues the health benefit plan to reduce costs to consumers, prioritizing
the reduction of out-of-pocket costs for prescription drugs.

(2) On or before March 15, 2023, and on or before March 15 each year
thereafter, each state entity and each carrier that issues a health benefit plan or
optional participating plan shall submit to the board a report describing the savings
achieved during the preceding plan year for each prescription drug for which the
board established an upper payment limit during the preceding year and how those
savings were used to satisfy the requirement described in subsection (1) of this
section.

(3) On or before November 1, 2022, the board shall promulgate rules
establishing a formula for calculating savings for the purpose of complying with
subsection (1) of this section.

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