Your guide to shopping and saving money on health plans
DENVER — Open Enrollment for 2024 health insurance coverage starts today in Colorado, and people can expect more savings than ever before due to federal changes and innovative state programs.
Save on Monthly Costs
As the state’s official health insurance marketplace, Connect for Health Coloradois the only place where residents can qualify for and receive financial help for their health insurance.
The American Rescue Plan Act, which passed in 2021 and provides enhanced Advance Premium Tax Credits, is still in effect. That means people can continue to expect a higher level of financial help and people with higher incomes can now qualify. Currently, 77 percent of Connect for Health Colorado customers get financial help to lower the cost of health insurance. This year, three out of five Connect for Health Colorado enrollees will have a plan available to them with a premium of less than $10 per month.
To Renew or Not to Renew?
Many Connect for Health Colorado customers qualify for automatic plan renewal and can expect a notice from the marketplace with information about their plan renewal options in early November.
Because of the way financial help is calculated to offset premium costs, 56 percent of Coloradans receiving financial help through Connect for Health Colorado will see either no change or a decrease in their premiums if they automatically renew in the same plan in 2024.
However, plan prices and options change every year, and many Coloradans can find a more affordable plan if they change plans. In fact, 95 percent of Coloradans receiving financial help will be able to find a premium that is equal to or less than their current premium just by shopping for a new plan within their same metal tier (e.g., Silver to Silver, Gold to Gold) for coverage in 2024.
Significant Savings When You Buy a Silver Plan
People shopping on Connect for Health Colorado can qualify for even more cost-sharing reductions Colorado’s Health Insurance Affordability Enterprise , which provides additional, state-funded financial help to people shopping in the individual market.
The enhanced cost-sharing reductions financial help further lowers deductibles, out-of-pocket maximums, copayments, prescriptions, and more for people who qualify.
While the Enterprise has provided customers on Connect for Health Colorado’s marketplace with additional cost-sharing reductions since 2022, the Enterprise decided to expand those enhanced cost-sharing reductions to people up to 250 percent of the poverty level (see chart below) starting in Plan Year 2024. People with qualifying income who enroll in a Silver-level plan will receive cost-sharing reductions at the 94 percent level, meaning your health insurance company will pay for 94 percent of all medical costs, on average.
Household Size You qualify for enhanced cost-sharing reductions if your income is less than… 1 $36,450 2 $49,300 3 $62,150 4 $75,000
The enhanced cost-sharing reductions will be automatically applied to Silver-level plans when eligible customers are shopping and enrolling on Connect for Health Colorado.
With these new, enhanced cost sharing reductions, customers currently enrolled in Silver plans could see their deductibles lowered from an average of $3,446 to an average of $65, a 98 percent decrease. Additionally, they will see their maximum out-of-pocket costs decrease 77 percent, from an average of $7,257 to an average of $1,670.
Connect for Health Colorado customers who are not enrolled in a Silver plan can see huge savings by switching to a Silver plan . For example, those who are currently enrolled in Bronze plans could see a 99 percent decrease in their deductibles, from an average of $6,823 to $65, by switching to a Silver plan. Those who are currently enrolled in Gold plans could see a 95 percent decrease in their deductibles, from an average of $1,409 to $65, by switching to a Silver plan.
“We say it every year, but it’s truer this year than ever before—it really, really pays to shop,” said Connect for Health Colorado’s Chief Executive Officer, Kevin Patterson. “Thanks to innovative state programs, we’re offering more financial help to customers on top of the expanded federal financial help that is still in effect. I implore all people shopping on our marketplace to use our tools and experts to find the best plan and take advantage of these savings.”
Quickly Check Plans and Prices
Six health insurance companies are offering health insurance plans on Connect for Health Colorado this year, with one new company, Select Health, entering the market. People should use the Quick Cost and Plan Finder tool to get an estimate of financial help and to see all their plan options.
“Having health insurance is absolutely critical. Not only does it make routine care like check-ups, vaccinations and maintenance drugs more accessible and affordable,” said Colorado Insurance Commissioner Michael Conway, “but it also helps protect finances when a major accident or illness happens. There are many plans to choose from, including Colorado Option plans which offer a number of $0 or low-cost benefits, and many ways of finding financial help. I urge everyone to take advantage of open enrollment and get covered for 2024.”
Year Two of the OmniSalud Program
Today marks the start of the second Open Enrollment Period for Colorado Connect, Connect for Health Colorado’s public benefit corporation and online enrollment platform. Colorado Connect is home to the OmniSalud program , which provides undocumented Coloradans with a safe way to compare affordable health insurance plans, get financial help if eligible, and enroll securely.
Last month, the Colorado Division of Insurance announced that for 2024, it would increase the availability of financial assistance for health insurance in the OmniSalud program to 11,000 individuals, a 10 percent increase from 10,000 individuals in 2023.
“I’m elated by the additional financial help we can offer for 2024. We saw an astounding response to the OmniSalud program when it launched last year, and we’re truly grateful that we can continue to strengthen this innovative program,” said Patterson.
People who are interested in enrolling in the OmniSalud program are strongly encouraged to contact a certified Broker or enrollment Assister. Find help by visiting the OmniSalud Help website page .
Get Help
Connect for Health Colorado offers free enrollment assistance from certified Brokers and community-based Assisters. A certified Broker can review plan options, give advice, check networks, and suggest a new plan. Find a Broker, Assister, or visit an Enrollment Center near you.
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Media Contact
Mónica Caballeros, Connect for Health Colorado, [email protected]
About Connect for Health Colorado
Connect for Health Colorado is a public, non-profit entity established by the Colorado General Assembly in 2011 to create a health insurance Marketplace. Since 2013, we’ve been helping individuals, families and small employers compare plans, apply for financial help and buy health insurance. As Colorado’s official health insurance marketplace, we are the only place to apply for financial help to lower the monthly cost of premiums. Customers can shop online; get help by phone or online chat from Customer Service Center representatives; and access expert help from a statewide network of certified Brokers and community-based Assisters. For more information: ConnectforHealthCO.com
