Ways to Save
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.
Apply for Financial Help
Even if you think you make too much to qualify, but you may be surprised! If you are an individual making up to $48,240 per year or a household of four making up to $98,400 per year, you may be eligible for financial help if you are unable to get coverage through an employer or another source. Learn more about the two types of financial help available only through Connect for Health Colorado.
Graph: Eligibility for financial help based on household size and annual incomeEstimate Your Savings - You May be Surprised!
Compare Your Plan Options
It pays to compare plans, especially if you are a current customer and saw your rates increase for 2018. Consider switching to the lowest-cost plan in your current coverage level (or metal tier). That alone can reduce the amount of your increase, on average, by close to half.
In addition, there is an opportunity to reduce monthly premiums by shopping around and comparing plans, but the premium amount should not be your only consideration. You should factor in out-of-pocket costs such as copays, deductibles and prescriptions, as those will affect what they pay for care through the course of the year. You may pay less each month, but owe more when you need care. Our expert Brokers can help evaluate benefits that meet your health and financial needs.
Select a plan that includes your preferred doctor as “in-network.” Going to a doctor or facility that is considered “out-of-network” will cost you more, likely the full bill. Also, make sure that your plan covers your preferred medications. Use our Quick Cost & Plan Finder tool to compare plans that include your preferences and get a sense of your out-of-pocket costs.
Consider Generic Medications
There may be multiple brand and generic medications that address the same health issue. Generic options cost less than the brand name drugs and are typically covered by a larger number of health plans. Ask your doctor if a generic is right for you.
Use the Free, Preventive Services
Take advantage of the many free, preventive services like check-ups, vaccinations, smoking cessation, screenings for breast cancer, cholesterol and diabetes, and more cancer screenings, immunizations, smoking cessation, and well-baby and well-child visits that are covered by all health plans available through Connect for Health Colorado when delivered by a doctor or other provider in your plan’s network. Make sure you take advantage of these free services (even if you haven’t met your deductible) to stay healthy throughout the year – and save you money in the long run!
Be Insurance Smart
Shopping for health insurance can feel overwhelming. Check out these six questions to use as a starting point to think through your needs and help you select a plan for you and your family. You can also download this worksheet to help you gather up important details and think through key factors that will impact your buying decision. Then refer to your answers as you compare plans online or bring this along when you visit with a Broker or Assister who are available across Colorado to help you in-person and at no cost to you.
We also offer some helpful tips on how to use your health insurance wisely.Estimate Your Savings - You May Be Surprised! Compare Plans Health Insurance Costs Explained 6 Questions to Ask Before You Buy Health Insurance