Choosing health insurance is a personal decision. Here are some factors you may want to consider when choosing a plan:
Cost: Do you want a higher monthly premium and pay less when you need medical coverage? Or, do you want a lower monthly premium and pay more when you need medical coverage? Our health insurance plans are classified by coverage levels – bronze, silver, gold or platinum. These levels show, on average, how much of the cost of medical services is covered by the carrier and how much is paid for by the customer. These new coverage levels are one way to compare costs. Other cost considerations include:
- How much you pay for care before your insurance company starts to pay its share (a deductible)
- What you pay out-of-pocket for services after you pay the deductible or for services that can be used without paying toward your deductible (coinsurance or copayments)
- How much in total you might have to pay for medical services over the plan year (the out-of-pocket maximum)
Doctors: Do you have a preferred doctor or specialist? When comparing plans you may search the Connect for Health Colorado Provider Directory to see if your doctor is included.
Medical Facility: Do you have a preferred medical facility? Perhaps you need to have one that is close to your home. While shopping on Connect for Health Colorado, you can check to see if a health plan covers services at a particular medical facility.
Prescription Coverage: Want to get an idea of what prescriptions will cost? You can check to see how much prescriptions will cost, along with exclusions and limits. Depending on your health needs, this may or may not be important to you.
There are many additional questions you may want to consider included in the State of Colorado’s Division of Insurance’s Buyers Guide.
Health plans are arranged into four levels of coverage: platinum, gold, silver and bronze. These levels show, on average, how much of the cost of medical services is covered by the carrier and how much is paid for by the customer. These expenses happen at the time of health care services, for example when you visit the doctor or the emergency room. Platinum plans will generally have the highest monthly premiums, while the consumer will pay the least when receiving medical care. Bronze plans will generally have the lowest monthly premiums, while the consumer will pay the most when actually receiving medical care. Coverage levels are also known as metal tiers.
You can choose the level of coverage that best meets your health needs and budget.
|Coverage Level||Percentage of average expenses paid by health plan||Percentage of average expenses paid by consumer|
Premium Summary of Coverage Levels
Two key factors account for the variability of premiums within coverage levels:
- Geography – The range shown for each level includes rates submitted for plans across all regions of the state. Some regions have higher health care costs, leading to higher health insurance costs in those regions.
- Plan Design – Within each level of coverage, there is variability among deductibles, co-payments and out-of-pocket maximums. These differences provide more choices for consumers.