Financial Help Available

 

Financial Help Still Available for 2018

Contrary to what you may have heard, financial help will be available for 2018. You may have also heard that the current administration has decided to end Cost-Sharing Reduction payments. These payments are reimbursements to health insurance companies. It does NOT eliminate Cost-Sharing Reductions for you.

 

In fact, many customers receiving financial help through Connect for Health Colorado will likely pay less in 2018 than in 2017. They will see the premium that they pay (full premium minus the Premium Tax Credit amount) go down by 20% on average in 2018.

 

There are two types of financial help available only through Connect for Health Colorado.

  1. Premium Tax Credits help pay your monthly health insurance premium.
  2. Cost-Sharing Reductions lower the amount you pay when you receive care.

Small businesses can also save on the cost of providing health insurance to their employees. If you and/or your children are currently enrolled in the Child Health Plan Plus (CHP+) and looking for coverage to replace those benefits that may end on Jan. 31st, you still have affordable options. Learn more

Assume you make too much to qualify? You may be surprised!

Depending on factors including your household size and income, you may be eligible for financial help if you are unable to get coverage through an employer or another source.

Graph: Eligibility for financial help based on household size and annual income

To see what you may qualify for, check out our more detailed Income Guidelines or get a quick estimate online in just a few minutes.

Note: Those qualifying for Health First Colorado (Colorado’s Medicaid Program) – individuals making less than $16,040 per year and households of four making less than $32,718 per year – may receive free or low-cost health coverage.

 

Quickly See if You Qualify for Financial Help - You May be Surprised!

Premium Tax Credits

If you fall within the income ranges above, you may qualify for a Premium Tax Credit, which helps pay for your monthly premium when you take it in advance. Or you can wait and take the tax credit at the end of the year when you file your taxes. In 2017, our customers received an average of $369 per month!

The amount of tax credit you may receive also depends, in part, on the cost of plans in your area – so when premiums go up, so do the savings.

See how much you could save! Get a quick estimate online in just a few minutes. Note that you must complete a full application for financial help to get a final determination of your eligibility. 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.

Frequently Asked Questions about Premium Tax Credits

Can I use this financial help for any health insurance plan?

No. The only way you can receive a Premium Tax Credit is if you buy your health insurance through Connect for Health Colorado. Savings do not apply to catastrophic plans.

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How is the amount determined?

Your Premium Tax Credit amount will depend on your income, age, family size and the cost of health insurance plans available in your area. Last year, Coloradans saved an average of $369 per month.

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How does it work?

If you would like to use some or all of your Premium Tax Credit in advance, that amount will be sent to your insurance company each month, and you will pay the rest of your monthly premium. Or you can wait and claim the tax credit when you file your federal income tax return at the end of the year. You decide.

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What should I do if my income changes every month?

Talk to us about applying only a percentage of your tax credit toward your monthly premium instead of the full amount. This will still lower your monthly payments, while also lowering your risk of having to pay money back later.

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What if my new job offers health insurance or I get it from another source?

Call us right away since you may no longer be eligible for the tax credit. The sooner you call, the less likely you’ll owe money back at the end of the year.

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What happens if my family size or income changes?

Changes can result in an increased tax credit or it could cause you to owe money to the IRS. Call us within 30 days so we can help adjust the amount of financial help you receive so you don’t have any surprises when you file your income taxes. If your family size goes down or your income goes up, call because you may get less of a tax credit and you don’t want to owe more money at tax time. If your family size goes up or your income goes down, call because you might get more of a tax credit! (And if your family size changes or if you have another qualifying Life Change Event, you may be eligible for a 60-day period to enroll in a new plan.)

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How do I get my financial help?

1. Create an account
2. Apply for financial help by filling out the eligibility information.
3. If you qualify for a tax credit, decide if you want to take all or part of it each month to offset the cost of your premium, or wait for one lump sum when you file your taxes.
4. Compare plans and select one that meets your needs. If you qualify for Cost-Sharing Reductions, select a Silver level plan and the savings will automatically be applied.
5. Purchase your plan!
6. Pay your monthly premium on-time, every month directly to your health insurance company.

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Estimate Your Savings

Cost-Sharing Reductions

Cost-Sharing Reductions are available for 2018. These are in addition to Premium Tax Credits for those with a low-to moderate income. Cost-Sharing Reductions are subsidies designed to lower the amount you pay when you receive care by reducing the out-of-pocket costs such as copays, deductibles and coinsurance for covered healthcare services, as well as the out-of-pocket maximum. You must qualify AND purchase a Silver level plan to take advantage of these savings.

There are three different levels of discounts within the Cost-Sharing Reductions, which can be seen in the example above for an individual (household of one) with an income between $16,040 and $30,150. The lower your income, the bigger your discount. But remember, you MUST purchase a Silver level plan to take advantage of these savings.

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To see what you may qualify for, check out our more detailed Income Guidelines or get a quick estimate online in just a few minutes.

 

Frequently Asked Questions about Cost-Sharing Reductions

Can I use this financial help for any health insurance plan?

No. You must purchase a Silver level plan through Connect for Health Colorado to take advantage of Cost-Sharing Reductions.

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How is the amount determined?

There are three levels of Cost-Sharing Reductions based primarily on your family size and income. With the lowest level, you could pay as little as a few hundred dollars for an annual deductible, $0 for copays or coinsurance, as well as have a lower out-of-pocket maximum.

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How does it work?

If your income makes you eligible for Cost-Sharing Reductions, when you apply for health insurance through Connect for Health Colorado, your Silver level plan options will automatically include lower copays, deductibles, coinsurance, and out-of-pocket maximum.

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How do I get my financial help?

1. Create an account
2. Apply for financial help by filling out the eligibility information.
3. If you qualify for a tax credit, decide if you want to take all or part of it each month to offset the cost of your premium, or wait for one lump sum when you file your taxes.
4. Compare plans and select one that meets your needs. If you qualify for Cost-Sharing Reductions, select a Silver level plan and the savings will automatically be applied.
5. Purchase your plan!
6. Pay your monthly premium on-time, every month directly to your health insurance company.

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