Get Financial Help
You may qualify for insurance savings and care costs
Health insurance helps pay for your healthcare 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 in the state where you can apply for financial help to lower the cost of your health insurance.
Those with income below a certain amount qualify for lower premiums (the amount you pay each month to maintain insurance), and there are also programs offering financial assistance for other income ranges. Additional programs and plan types are designed to help you pay lower costs for receiving care.
Even if you haven’t qualified for financial help in the past, it’s worth going through the process again each year.
Here’s what you can do right now to learn about what you may be eligible to receive:
Use the Estimate & Explore Tool
When you enter your information into the Estimate and Explore tool and work through the prompts, you will receive an estimate on what you may be able to save in premium costs for the different plans you’ve selected.
After you have completed and submitted your application to enroll in the health insurance plans you have selected, you will receive a communication from Connect for Health Colorado outlining what financial assistance, if any, you have received and, if necessary, any steps you need to take to activate that assistance. If you are eligible for Colorado Premium Assistance, your savings will be applied automatically.
Whether you work with one of our licensed Brokers, certified Assisters or knowledgeable staff at an Enrollment Center, our experts are standing by to help you find and enroll in the health insurance plans that are right for you. They will help you understand what assistance you’re eligible to receive, how to access your savings and which plans to choose to take advantage of what’s available.
Financial help through Connect for Health Colorado
You can qualify for three types of financial help through Connect for Health Colorado:
Premium tax credits that lower your monthly premiums, funded by the federal government
Colorado Premium Assistance to further lower your monthly premiums
Cost-Sharing Reductions that give you healthcare discounts*
*The discounts are applicable when you go to the doctor, pick up a prescription, or 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.
Advanced Premium Tax Credits: What You Need to Know
The federally-funded financial help you can get to lower your monthly health insurance payment is called a Premium Tax Credit. You may be eligible to get financial help based on your family’s specific needs and situation including family size, where you live and your family’s estimated annual income.
You can use the financial help you receive in two different ways:
You can use the financial help you receive 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 choose to accept 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.
Colorado Premium Assistance: What You Need to Know
The financial help funded by the state of Colorado that can further lower your monthly payment is called Colorado Premium Assistance. It’s not a tax credit, so it can only be applied upfront, not claimed at the end of the year.
If you are eligible, savings will be automatically applied to lower your monthly premiums when you enroll through Connect for Health Colorado. You can check your potential eligibility against the information in the image.
Cost-Sharing Reductions: What You Need to Know
If you qualify for lower out-of-pocket costs AND you sign up for a silver plan, Cost-Sharing Reductions are applied automatically when you go to the doctor or fill a prescription.
Plans with cost-sharing reductions also have a lower out-of-pocket maximum – the total amount you’d have to pay for covered medical services per year.
You can check your potential eligibility for Cost-Sharing Reductions against the information in the image.
See if you qualify for financial help and/or healthcare discounts. You may be surprised!
Many Coloradans do not pay full price for the health plans sold through Connect for Health Colorado. Coloradans in some income ranges may qualify for:
Financial help to lower their monthly premiums (advanced premium tax credits)
Healthcare discounts that lower their out-of-pocket costs (cost-sharing reductions)
| If You are a family of… | Eligible for both lower premiums and healthcare discounts: | Eligible for only lower premiums: |
|---|---|---|
| 1 | $15,060 – 39,125 | $39,126 – 62,600 |
| 2 | $21,150 – 52,875 | $52,876 – 84,600 |
| 3 | $26,650 – 66,625 | $66,626 – 106,600 |
| 4 | $32,150 – 80,375 | $80,376 – 128,600 |
| 5 | $37,650 – 94,125 | $112,951 – 150,600 |
| 6 | $43,150 – 107,875 | $129,451 – 172,600 |
Is your income below the range shown in the chart? You may qualify for free and low-cost coverage through Health First Colorado (Colorado’s Medicaid program) or the Child Health Plan Plus (CHP+) program. Learn more »
