Yes, insurance companies have worked up a product to cover the Colorado Family and Medical Leave Insurance Program (FAMLI) benefit requirements. Insured disability policies must be approved by the state before they can be marketed, and that approval took some time. It is our understanding that policies are now available on the market for employers to consider.
If you don’t have a broker, you can reach out to the organization providing your current short-term disability (STD) and long-term disability (LTD) plans to see if they have an offering. You could also contact another organization that works in that space, such as The Standard, CIGNA, UNUM, or MetLife. Organizations currently providing STD coverage in Colorado will probably need to switch to covering the benefits required by FAMLI if they want to be a strong player in the STD market.
In January 2023, employers and workers will begin contributing to the FAMLI program, with benefits available to employees starting in January 2024. If you want to learn more about the program, Employers Council’s website has helpful FAMLI resources. If you have any questions, please email us at info@employerscouncil.org.
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