The financial assistance application process begins with a check by the State for eligibility for Medicaid. Connect for Health Colorado cannot provide advance premium tax credits to Coloradans who are eligible for Medicaid. The State recently added technology to make the online Medicaid application more dynamic, automatically skipping questions based on previous answers. Customers who complete the Medicaid portion of the application and receive a denial from the State can move forward with the online application for tax credits through our website. You’ll need a denial code from the State to access that part of the application (7-digit number that starts with 1B). Here are tips and FAQs from the State about filling out the online Medicaid application. If you have submitted the Medicaid application and want to check on the status of your application, please call 1-800-359-1991, 8 a.m. to 6 p.m. Monday to Friday.
The tax credit portion of the application should take no more than 30 minutes for most people and then you can shop for a health plan and finish the sign-up process. If you need help, please call 1-855-752-6749 between 7 am and 8 pm Monday through Saturday. To create an account and start shopping or apply for financial assistance, go here.
Please note that the financial application is only necessary if you want to use the tax credit up-front to reduce the cost of your private health insurance. You can buy health insurance without applying for financial assistance and then claim the tax credit, if eligible, when you file taxes in 2015.
Individuals & Families
Connect for Health Colorado is the only place where Coloradans can access new federal financial assistance, based on income and other factors, to reduce costs. You may also qualify for health plans with lower “out-of-pocket” expenses such as co-payments and deductibles. If eligible, you can use the tax credit up-front to reduce your monthly premium. You can also buy health insurance without applying for financial assistance and then claim the tax credit when you file taxes in 2015. This cost-saving program is for individuals, couples and families who:
- Don’t have health insurance, including TRICARE and Medicare
- Are not eligible for public health coverage such as Medicaid and Child Health Plan Plus (CHP+)
- Do not have access to affordable coverage through an employer (paying more than 9.5 percent of income for health insurance).
Use our Savings Quick Check to get an estimate of your potential savings.
Two types of financial help
You may be eligible for a new kind of tax credit to reduce the monthly cost of health insurance if you are not eligible for Medicaid and:
- You are an individual earning up to about $45,500 a year.
- You are a family of 2 earning up to about $62,000 a year.
- You are a family of 3 earning up to about $78,000 a year.
- You are a family of 4 earning up to about $94,000 a year.
You may be eligible for health plans with lower deductibles, co-payments or coinsurance if you are not eligible for Medicaid and:
- You are an individual earning up to about $29,000 a year.
- You are a family of 2 earning up to about $39,000 a year.
- You are a family of 3 earning up to about $49,000 a year.
- You are a family of 4 earning up to about $59,000 per year.
To determine your household income, the Marketplace uses an income calculation method called “Modified Adjusted Gross Income” or MAGI. Need help determining your MAGI? This will help you determine a more accurate estimate of your eligibility for financial assistance. MAGI tool
Tax Credit Calculation
The tax credit is calculated based on your income, age, the cost of health insurance in your community and the amount you are expected to pay for the monthly premium based on your household income. In Colorado, there are 11 rating areas, so health insurance costs vary according to where you live. It is possible, depending on the cost of health insurance in your community compared to the portion of income you are expected to pay, to not be eligible for a tax credit even if you are in the income range shown above. It is also possible for people who are the same age and earn the same income to be eligible for different tax credit amounts because they live in different rating areas.
The financial assistance application first starts with finding out from the State of Colorado if you are eligible for Medicaid or Child Health Plan Plus. We cannot give customers an advance tax credit if they are eligible for Medicaid or CHP+ or have other medical coverage, including Medicare and TRICARE. Customers that do not have coverage and who are determined to not be eligible for Medicaid or CHP+ can then continue the application for a tax credit and health plans with reduced co-pays and deductibles, and then use the tax credit to reduce your monthly premium. We are working to create a faster application process and encourage customers to call or sit down with our customer support network representatives to complete the application and sign up for coverage.
Connect for Health Colorado also provides small employers access to tax credits. If you have fewer than 25 employees, pay average annual wages below $50,000 and provide health insurance, you may qualify for a small business tax credit of up to 50 percent (35 percent for nonprofits) to offset the cost of premiums for your employees. Use our Small Employer Tax Credit Calculator to see your potential savings.