CO FAMLI Private Plans Approved
The CO FAMLI Division just approved the first 2 carriers for fully-insured private plans – including ShelterPoint – that employers may choose in place of the State Plan for FAMLI benefits. Other carriers to follow.
What happens next?
CO employers who had already engaged with a carrier to initiate a private plan implementation can now resume their application process. Here are the next key steps:
- Visit the MyFAMLI+ Employer portal.
- Go to the online application and select your private plan carrier in the carrier drop-down menu.
- Once available, upload your carrier cover letter, along with the carrier’s sample policy and FAMLI Division’s Employee Notice.
- Pay the nonrefundable $500 administrative fee.
- The FAMLI Division will then review your application and keep you apprised of your status, any needs, and approval.
Once approved, you don’t need to remit early contributions or wage reports to the state for the remainder of 2023. Your private plan premium is due, and benefits begin on January 1, 2024.
Subscribe for updates so that we can notify you as more details on the process become available.
Beginning the CO FAMLI Private Plan Application Process
If you’ve been waiting for private carriers to get approved first before beginning the process of searching for private FAMLI coverage, that’s fine!
As mentioned above, Colorado employers who wish to use a private plan are still required to prefund the CO FAMLI State Fund in 2023 until they receive private plan approval from the FAMLI Division. Keep in mind that the FAMLI Division needs 60 days to approve your private plan application. So, the sooner you begin the process, the sooner you may be able to stop remitting early premium payments to the State Fund for the remainder of 2023. With a private plan, premium payments generally begin in 2024.
Plus, there may be other advantages to choosing a private plan for your specific business. Learn more about CO FAMLI private plan advantages here!
To begin, contact your broker, who will help identify the right carrier partner for your business.
The carrier you choose can then help you navigate the process. See how it works with ShelterPoint in our simple step-by-step guide here.
Important Timing Considerations
Refunds for 2023 CO FAMLI premiums
As a reminder, since the private plan application option was not fully functional on the MyFAMLI+ Employer portal by March 31, 2023, all Colorado employers were required to remit their Q1, 2023 payments.
However, Colorado employers who submit their private plan applications by October 31, 2023, can request a refund for any 2023 premium payments they remitted. But, there are important timing considerations which we outline here: Advance Premiums For CO State Plan And Premium Refunds For The Private Plan.
For updates on deadlines and the refund process sign-up for CO updates here.
Whether you have received conditional approval from a carrier or you are beginning the process from scratch, employee notification is the same: after receiving approval from the FAMLI Division to use a private plan, you need to notify your employees that their FAMLI coverage will be through a private plan instead of the State Plan
- No later than 30 days before the effective date of the approved plan.
- And in writing, whether electronically, in person, or via mail.
- Include your selected carrier's claim forms no later than 30 days prior to the opening of claim submission.
For employees starting work later than 30 days before the effective date, you will need to deliver the written notice immediately upon hire.
See our Key Dates to Remember highlights for other major milestones as you prepare for this important benefit program.
This blog post is for informational purposes only and is not an offer of coverage or intended to provide legal counsel. Please consult with an appropriate professional for legal and compliance advice. Any information is based on the applicable statutes and regulations and may change as regulations evolve or Colorado issues guidance regarding its paid Family & Medical Leave Insurance (FAMLI) regulations.
*The ShelterPoint family of companies operates under the “ShelterPoint” name strictly as a marketing name, and no legal significance is expressed or implied. The ShelterPoint family of companies consists of ShelterPoint Life Insurance Company, a NY-domiciled carrier (principal office in Garden City, NY), and its wholly-owned subsidiary ShelterPoint Insurance Company, a FL-domiciled carrier, depending on the state. ShelterPoint is a registered service mark.