Lower Your Monthly Premiums

Open Enrollment (Nov. 1 – Jan. 15) is closed. You can explore your options for buying insurance outside of Open Enrollment here , and our team is here to answer any questions you may have.

 

The fastest way to find out if you qualify for exclusive savings on health insurance through Connect for Health Colorado is to submit an application. To get started, you can fill in your application now or talk to one of our experts.>

You can qualify for two types of financial help through Connect for Health Colorado: Premium tax credits that lower your monthly premiums and 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.

Coloradans who have an offer of affordable health insurance, even if they do not sign-up for that coverage, are not eligible for financial help through Connect for Health Colorado. Some examples include:

• Health First Colorado (Medicaid)
• Your employer
• Medicare
• TRICARE
• The Child Health Plan Plus (CHP+) Program

 
*Please note that this list does not include all eligibility criteria.

 
People who don’t qualify for financial help because they can enroll in other affordable coverage can still enroll in a health plan through Connect for Health Colorado, but at full price. Make sure you tell us about any other health coverage you have access to when you apply through Connect for Health Colorado.

When you apply, you can decide to use some or all the financial help you qualify for in advance, or wait to get a credit on your tax return.

 
The financial help available to you—a tax credit made available through the government and only available when you apply and buy through Connect for Health Colorado—will be based on what you estimate your annual income and family size will be that year.

 
When you file your federal income taxes, the I.R.S will double-check to make sure you got the correct amount of tax credit, based on what your actual income and family size was for that year. And they will make it right through your taxes—some families may get more money, while others may have to pay money back if their estimates were not correct.

 
If you think your income may increase or you plan to move throughout the year, it’s best to take only some of the financial help each month or wait and take it all as a lump sum as a tax credit on your tax return, so you can avoid having to pay any money back.

In almost every case, yes. You can use financial help to buy any health insurance plan sold through Connect for Health Colorado. The only exception is for young adults under the age of 30. Young adults are uniquely offered Catastrophic plans but cannot receive financial help to purchase a Catastrophic plan.

The amount of financial help you can receive is based on your family’s specific situation, including your income, age, family’s size, where you live and your family’s estimated annual income.

When you apply through Connect for Health Colorado, you will enter your personal and financial information to find out how much financial assistance you are eligible for. When you first apply, you can choose whether to use all, some or none of the tax credits to lower your monthly premiums. The premiums will automatically be shown lowered to the correct amount.

When you file your taxes at the end of the year, the I.R.S will double-check to make sure you got the correct amount of tax credit, based on what your actual income and family size was for that year. Some families may get more money through the filing process, while others may have to pay money back if their estimates were inaccurate.

 
Important: If your income changes significantly, you should report your change in income to Connect for Health Colorado so that your monthly premium can be adjusted.

If you’re able to get health insurance from another source that is considered affordable and meets certain benefit standards, you will most likely not be eligible for financial help.

 
If you have an offer of health insurance from your job, you will most likely not be eligible for financial help to lower your monthly premiums through Connect for Health Colorado. However, members of your family who have the option enroll on your job’s health plan might qualify for financial help on our marketplace and are encouraged to apply.

If your family size changes, you should report the change to Connect for Health Colorado. A change in your family size qualifies you for a special enrollment period.

 
If your income changes during the year, you may be eligible to switch into a plan with healthcare discounts that lower your out-of-pocket costs when you go to the doctor.

 
These changes could also 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. That way, you won’t have any surprises when you file your income taxes.