If you are looking for affordable health insurance in Colorado, HealthMarkets Insurance Agency can help find a plan for you. In just a few short minutes, our licensed agents can help you browse, compare, and apply for health insurance coverage. This article will offer the information you need to make the wisest choice for both you and your family.
How the ACA Made CO Health Care Affordable
Since the passing of the Affordable Care Act (ACA), Colorado residents have experienced the many benefits that came from these laws. Not only have they become more accessible, but more families across the state were eligible to have their plan become more affordable than ever. According to the HHS:
- "In Colorado, 140,327 consumers selected or were automatically re-enrolled in quality, affordable health insurance coverage in 2015."
- "54% of Colorado consumers who were signed up qualified a tax credit."
- "The uninsured rate in Colorado in 2014 was 11.2%, down from 17.0% in 2013."
Understanding Colorado Health Insurance
Below are some potential costs of health insurance to keep in mind as you shop for affordable health insurance in Colorado:
Premiums: The monthly amount you pay to have health insurance coverage.
Deductibles: The amount you spend before your plan’s insurance coverage kicks in.
Copayments: The set amount you pay upon receiving certain medical services.
Coinsurance: The percentage you might pay upon receiving certain medical services.
Supplemental Insurance: If you need more coverage than the essential health benefits, such as dental, vision, accident, et cetera, then you may need to pay an additional monthly premium.
To help with balancing the cost of all these expenses, the ACA introduced levels of coverage, or "metal levels," to help families afford health care differently. Based on how much you may be paying for monthly premiums can determine the amount of coverage your health insurance provider may give when you receive care.
These plans include:
- Bronze: 60% covered by your health insurance provider, 40% covered by you.
- Silver: 70% covered by your health insurance provider, 30% covered by you.
- Gold: 80% covered by your health insurance provider, 20% covered by you.
- Platinum: 90% covered by your health insurance provider, 10% covered by you.
Another form of insurance, catastrophic health insurance, is an affordable option that may be available to you. This level of coverage is ideal for those 30 years or younger, or for those who have experienced significant hardship and are eligible for a hardship exemption.