Health Insurance Colorado: Everything You Need to Know

Colorado is one of the states in the US that has an open marketplace for health insurance. Under the Affordable Care Act (ACA), people residing in Colorado can buy health insurance through the state exchange, Connect for Health Colorado.

What is Connect for Health Colorado?

Connect for Health Colorado is an online marketplace that allows residents of Colorado to compare and buy health insurance plans. The platform was established under the ACA and is the only place where you can get financial assistance to help pay for your health insurance.

Connect for Health Colorado has a wide range of health insurance plans, which are categorized into four levels – bronze, silver, gold, and platinum.

Bronze Plans

Bronze plans offer the lowest monthly premiums, but come with higher out-of-pocket costs. These plans cover about 60% of your health care costs, while you pay the remaining 40%.

For people who don’t expect to use much healthcare during the year, a bronze plan can be a good option.

Silver Plans

Silver plans come with higher monthly premiums, but lower out-of-pocket costs. These plans cover about 70% of health care costs, while you pay the remaining 30%.

Silver plans are a good option for people who expect to use some healthcare during the year but don’t want to pay high premiums.

Gold Plans

Gold plans come with higher monthly premiums than silver plans but have lower out-of-pocket costs. These plans cover about 80% of healthcare costs, while you pay the remaining 20%.

Gold plans are a good option for people who expect to use healthcare services frequently during the year.

Platinum Plans

Platinum plans have the highest monthly premiums but come with the lowest out-of-pocket costs. These plans cover about 90% of healthcare costs, while you pay the remaining 10%.

Platinum plans are a good option for people who expect to use a high amount of healthcare services during the year and are willing to pay high premiums.

How to Enroll in Connect for Health Colorado

Enrolling in Connect for Health Colorado is easy. The open enrollment period for health insurance is usually from November 1 to January 15 each year. During this time, you can sign up for a new insurance plan or change your existing plan.

You can also enroll outside of the open enrollment period if you have a qualifying event, such as getting married or having a baby.

How to Get Financial Assistance

If you meet certain income requirements, you can get financial assistance to help pay for your health insurance premiums. The financial assistance is offered in the form of tax credits, which are applied directly to your monthly premium.

To qualify for financial assistance, your household income must be between 138% and 400% of the federal poverty level. For a family of four, this equates to an income between $36,156 and $103,000 per year.

Health Insurance Companies in Colorado

There are several health insurance companies that offer plans through Connect for Health Colorado. Some of the major ones include Anthem Blue Cross Blue Shield, Kaiser Permanente, Rocky Mountain Health Plans, and Cigna.

Frequently Asked Questions

Conclusion

Health insurance is an important consideration for everyone, especially in times of illness or injury. Connect for Health Colorado provides a platform for residents of Colorado to compare and purchase affordable health insurance plans. With the open enrollment period from November 1 to January 15 each year, and the option to enroll outside of this period with a qualifying event, Colorado’s residents can take advantage of this platform to access quality healthcare services.