DENVER – The Open Enrollment period to purchase health insurance for 2020 kicks off Friday, Nov. 1, with rates lower across the board for the first time since the Marketplace opened for business in 2013. And while rates are lower, Connect for Health Colorado® strongly encourages all customers to compare their plan options before making a selection.
With the complexities of how the tax credit is calculated, customers who qualify for financial help will likely see a decrease in the dollar amount of assistance. It’s important to know that customers who qualify for financial help can reduce premiums an average of eight to 19 percent by switching to the lowest-cost plan available in their current coverage level.
“Affordability is of utmost importance to us because our customers continue to share their concerns and struggles with affording health care. It’s our job to make sure everyone knows the importance of comparing their plan options in order to see the substantial savings that are available in the new year,” said Chief Executive Officer Kevin Patterson. “No matter how people prefer to shop or which part of the state they live in, we are here to help connect them to the resources they need.”
55 percent of customers receiving financial help can purchase a plan in 2020 for $50 per month or less. During the enrollment period, an individual earning up to almost $50,000, and a family of four with an annual income of up to $103,000, can qualify for financial help through the Marketplace.
There are eight health insurance companies offering a total of 130 health plans through the Marketplace in 2020. Consumers may see greater plan selection among Silver plans and expanded Bronze plans in comparison to 2019. One new carrier, Oscar, will offer plans to residents in the Denver area. Peak Health Alliance will also offer plans via Bright Health to Summit County residents starting in 2020. 83 percent of current enrollees live in counties in which three or more carriers are offering plans in 2020.
Open Enrollment runs from Nov. 1, 2019, to Jan. 15, 2020. Consumers must enroll by Dec. 15 to have coverage in place by Jan. 1, 2020.
About Connect for Health Colorado
Connect for Health Colorado is a public, non-profit entity established by the Colorado General Assembly in 2011 to create a health insurance Marketplace. Since 2013, we’ve been helping individuals, families and small employers compare plans, apply for financial help and buy health insurance. As Colorado’s official health insurance marketplace, we are the only place to apply for financial help to lower the monthly cost of premiums. Customers can shop online; get help by phone or online chat from Customer Service Center representatives; and access expert, in-person help from a statewide network of certified Brokers and community-based Assisters. For more information: ConnectforHealthCO.com