Our customers received an average of $294 per month last year to help reduce their monthly premium costs. If you fall within the ranges below, you may also qualify for financial assistance! If you’re below any of these amounts, you may qualify for Health First Colorado (Colorado’s Medicaid Program). You’ll find out once you complete the full application for financial assistance.
In addition to financial assistance to help lower your monthly premiums, you may also be eligible for Cost Share Reductions (CSR) when you seek care to automatically reduce things like your deductibles, copays, and other out-of-pocket charges. You ONLY receive these CSR benefits if you enroll in a Silver level plan. These reductions mean that your CSR Silver plan will pay for more of the costs of your healthcare plan than non-CSR plans. See the chart below to see how CSR benefits apply to annual out-of-pocket limits in 2016.
How do Cost Share Reductions Affect Maximum Out-of-Pocket Limits?
|Income (as % of federal poverty level)||Individual yearly Income||Maximum Annual out-of-pocket limits (2016)||Actuarial Value of Silver Plan|
|100-150%||$11,880 – $17,820||$2,250||$4,500||94%|
|150-200%||$17,821 – $23,760||$2,250||$4,500||87%|
|200-250%||$23,761 – 29,7700||$5,450||$10,900||
Check out our Income Guidelines to see what you may qualify for.
Individuals and FamiliesSave on your monthly premiums!
If you qualify for a tax credit, you get to decide how to spend it.
- You can choose how much to take each month to reduce your premium. The credit will be sent to your health insurance company each month and you will pay the difference. If you don’t take the full amount each month, you can claim that on your tax return at the end of the year.
- You can choose whether to take it up front or at the end of the year. If you take it in advance, it will be sent to your insurance company each month and you will pay the difference. Or, you can decide to not take any of it in advance, but instead claim it and receive it as a refund on your tax return at the end of the year.
Make sure to tell us if anything like your household size or income changes throughout the year so we can adjust your tax credit if need be, or see if you qualify for more! If either of these changes occurs, now making you ineligible for the tax credit, you may have to pay back any money you received throughout the year when you file your tax return.
We’ll ask you for an estimate of your annual Modified Adjusted Gross Income (MAGI) for the period that you will be covered by insurance. Need to determine your MAGI?
Calculate the Small Business Tax Credit!
Tax credits for small businesses are available through Connect for Health Colorado. 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 Business Tax Calculator to see your potential savings.