LONGMONT, Colo. -- Dozens of employees in Longmont are among the estimated 30 percent of Coloradans covered by employer-funded health plans.

Many of those who lost their jobs when Holden Marketing shut down said the company withheld money for benefits like health insurance and 401K accounts but never applied it to those accounts.

Jim Brummerstedt and Bruce Jennings spent 30 years a piece in the printing business -- the last decade of that with Holden Marketing in Longmont.

"We did printing for Conde Nast, the New Yorker, Hearst Magazines," said Brummerstedt.

Both were laid off and soon after began receiving bills for doctor visits made while they were still employed.

"I called and asked them about the bill and told them I had insurance and they said, 'We've submitted the bill several times, but have never received payment,'" said Brummerstedt.

Hospital bills for both Brummerstedt and Jennings went unpaid, even though money for insurance was being deducted from their paychecks.

"This is my pay stub. It shows health insurance -- $57.50 is what they were taking out," said Brummerstedt.

"Right here is my pay stub. Medical insurance -- $156.40 -- comes out of my paycheck every other week," said Jennings.

When the men called their plan administrator, Assure Care, their worst fears were confirmed.

"'Well, we're very sorry but insurance premiums haven't been paid for X amount of months,'" Brummerstedt said he was told.

"Assure Care said there is no money -- zero," said Jennings.

George Holden, the owner of Holden Marketing, set up what is called an employer-sponsored, self-funded health benefit plan.

Simply put, Holden paid itself to cover health benefits instead of contracting with a registered and licensed insurance carrier. So, when the money runs out, so do the benefits. As many as 80 Holden employees could be left holding the bag.

Brummerstedt filed a complaint with the U.S. Department of Labor's Employee Benefits Security Administration, the federal agency that regulates self-funded plans.

But an investigation could take months with no guaranteed outcome.

"All I know is that we've got a total of I think a little over $41,000 between the hospital, doctor and anesthesiologist that I can't pay," said Jennings.

"What are you going to do?" asked Call7 Investigator Theresa Marchetta.

"File bankruptcy. I've got no choice," replied Jennings.

Holden's Longmont plant has shut down. His home base and parent company are in Minnesota. Marchetta tracked down George Holden on the phone.

"I'm wondering what you did with the insurance money that you withheld from their paychecks?" Marchetta asked Holden.

"I'm sorry I can't speak to you about that. That's out of my control," Holden replied.

"We're talking about health insurance while they were still employed -- not after you shut the company down," Marchetta continued.

"It's been a tragedy all the way around. I'm sorry," Holden replied before hanging up on Marchetta.

"Am I mad? Yeah. Am I disappointed? Extremely. Am I disgusted? Terribly," said Jennings.

"Do you feel stuck?" Marchetta asked Brummerstedt.

"I'm stuck," he said. "I won't give up fighting. No, I won't quit."

The Colorado Division of Insurance recommends people with self-funded plans who feel their rights have been violated hire an attorney.

Both Brummerstedt and Jennings were told it would cost more in attorney fees than they could recover in a settlement.

To find out if your insurance carrier is registered and licensed with the state, go to Dora.state.co.us.