In Colorado, what is the required timeframe for a health insurer to pay a claim once it has been submitted?

In Colorado, health insurers are required to pay a claim within 30 days of its submission. This timeframe ensures that policyholders receive timely compensation for covered services or treatments, which is a critical aspect of providing accessible healthcare and maintaining trust between insurers and their clients. The 30-day requirement reflects the balance between allowing insurers sufficient time to process claims while also prioritizing the insured's need to receive reimbursements promptly. This law protects consumers and encourages insurers to operate efficiently in handling claims, contributing to an overall more responsive healthcare system in the state.