What do you want to do?
Financial help is available
Health insurance helps pay for your health care when you need it most, but it’s also an expense that can be a big part of your monthly budget. Connect for Health Colorado is the only place you can apply for financial help to lower the cost of your monthly health insurance payments.
Those with income below a certain amount qualify for lower premiums, and there are also programs offering financial assistance for other income ranges. Even if you haven’t qualified in the past, it’s worth going through the process again each year.
Use the links and information below to get started.
What types of financial help are available?
You can qualify for three types of financial help through Connect for Health Colorado:
Premium tax credits that lower your monthly premiums
Colorado Premium Assistance to further lower your monthly premiums
Cost-sharing reductions that give you healthcare discounts when you go to the doctor, pick up a prescription, or if you need to pay your deductible.
Depending on your income range and household size, you can qualify for lower monthly premiums OR for BOTH lower monthly premiums and cost-sharing reductions.
What to know about Advanced Premium Tax Credits
The federal financial help you can get to lower your monthly payment is called a Premium Tax Credit. Every family is unique. You can get financial help based on your family’s specific needs and situation including:
- Your family size
- Where you live
- Your family’s estimated annual income
You can use the financial help in two different ways:
- Apply the savings in advance to lower your monthly premiums.
- Wait until you file your taxes to get a premium tax credit added to your tax refund.
If you take the financial help in advance, the amount of the tax credit you use should be based on your estimated gross income for the year you’re getting coverage, not last year’s income. This is a tax credit and will have to be reconciled when you file your taxes at the end of the year.
What to know about Colorado Premium Assistance
The Colorado financial help that can further lower your monthly payment is called Colorado Premium Assistance. This is not a tax credit, so it can only be applied upfront, not claimed at the end of the year. If you are eligible, it will be automatically applied to lower your monthly premiums when you enroll through Connect for Health Colorado. Learn more about Colorado Premium Assistance here »
Go to our Financial Help FAQs for answers to common questions »
What to know about Healthcare Discounts (Cost-Sharing Reductions)
If you do qualify for lower out-of-pocket costs AND you sign up for a silver plan, healthcare discounts are applied automatically when you go to the doctor or fill a prescription. Plans with healthcare discounts also have a lower out-of-pocket maximum – the total amount you’d have to pay for covered medical services per year. These healthcare discounts are called Cost-Sharing Reductions.
Learn more about how Healthcare Discounts work »
