The income you report on your application is called your Modified Adjusted Gross Income (MAGI). In general, it is your estimated adjusted gross income (the income you report when you file your federal taxes) plus any non-taxable Social Security, tax-exempt interest, or foreign income you have for the year for which you are applying. Remember to report income changes to Connect for Health Colorado to make sure you’re getting the right amount of Premium Tax Credit during the year.
Information about how to file taxes, including what incomes and allowances should be included, can be found on the IRS website.
You can use the following tools to better understand how income will be calculated.
For the most accurate calculation, be sure to include income from all household members, including dependents with income.
You can apply for coverage and financial help through Connect for Health Colorado in any of the following ways:
1) Online – Complete your application online at ConnectforHealthCO.com.
2) In Person – Complete your application in-person with a certified Broker or at a local Assistance Site with a Health Coverage Guide or Certified Application Counselor. Please visit the In-Person Help page to search for one of these assisters nearest you.
3) Fax – Fax your paper application to 1-855-346-5175.
4) Telephone – Call 1-855-PLANS-4-YOU (1-855-752-6749), TTY at 1-855-346-3432, Monday- Friday, 8 am to 6 pm.
5) Post mail – Mail a paper application to: Connect for Health Colorado Individual Applications P.O. Box 35033 Colorado Springs, CO 80935.
Completing an application will let you know what financial help programs you and your family are eligible for. To receive the financial help, you must buy a health insurance plan through Connect for Health Colorado. You will not be able to receive financial help if you buy the health insurance plan directly from the health insurance company.
To be eligible to buy health insurance through Connect for Health Colorado, an individual must:
(1) Be lawfully present in the United States;
(2) Reside in and/or be a resident of Colorado;
(3) Not be incarcerated.
Individuals who are not eligible to buy a health insurance plan through Connect for Health Colorado can still apply for others in their household who are eligible. For example, parents who are not lawfully present can still enroll their children in health insurance through Connect for Health Colorado if their children are eligible and the parents are not applying.
Keep in mind, not everyone who qualifies to buy health insurance through Connect for Health Colorado will be eligible for financial help. Often, individuals and families who qualify for other minimum essential coverage, either through a job or a government-sponsored program, will not qualify for financial help through Connect for Health Colorado.
For more information on financial help, see “Am I eligible for financial help to help pay for health insurance?”
Individuals and families who apply for health insurance coverage through Connect for Health Colorado may be eligible for financial help to lower the cost of the health insurance plan they choose. Examples of financial help programs include: Health First Colorado (Colorado’s Medicaid Program), Premium Tax Credits, and Cost-Sharing Reductions. In order to qualify for financial help, you must:
(1) Buy your health insurance plan through Connect for Health Colorado.
(2) Meet the income requirements based on your household size (Check the Quick Cost & Plan Finder to see if you qualify).
Whether or not you qualify for, or are enrolled in, other coverage may also affect your eligibility for financial help through Connect for Health Colorado. You can determine which financial help programs you and your family qualify for by completing an application.
Cost-Sharing Reductions (CSR) are available to those with low-to-moderate income who qualify and enroll in a Silver plan through Connect for Health Colorado. Health insurance plans typically require some form of cost sharing (also called out-of-pocket costs) when you receive covered health care services. Cost-Sharing Reductions help you save on these expenses, which are in addition to your monthly premium and come in a variety of forms, including:
- Copayments: Set dollar amounts for covered services
- Coinsurance: A percentage of the allowed cost for covered services
- Deductibles: Set dollar amounts that enrollees must pay before their plan starts to cover the service or a group of services
Learn more about Cost-Sharing Reductions.
A Premium Tax Credit is a financial help program designed to lower the monthly cost of health insurance for individuals and families. To be eligible for a Premium Tax Credit, you must buy your health insurance plan through Connect for Health Colorado and meet the income requirements. You can take the Premium Tax Credit in advance and apply it to the monthly premium, or you can wait and take it when you file your federal income taxes.
If you qualify for a Premium Tax Credit, you may also qualify for additional financial help in the form of Cost-Sharing Reductions. You can determine which financial help programs you and your family qualify for by completing an application.
When starting the application, you should indicate that you are interested in receiving financial help to lower the cost of health insurance. Connect for Health Colorado will determine eligibility for financial help based on income, household size, and a few other factors.
Cost-Sharing Reductions are not payments; rather, they are applied to the Silver-level plan you select to lower the out-of-pocket payments associated with that plan. This means that, when you use health care services, you will pay lower deductibles, co-payments, and prescription drug costs. To access these savings, you must qualify and buy a Silver-level plan through Connect for Health Colorado.
Health First Colorado is a free, state-sponsored health insurance program for Coloradans who qualify. It is a type of medical assistance program and is administered by the Department of Health Care Policy and Financing. When you apply for financial help through Connect for Health Colorado, your eligibility for Health First Colorado will be assessed first. If you do not qualify for Health First Colorado, you may be eligible for financial help through Connect for Health Colorado.
When starting the application, you should indicate that you are interested in receiving financial help to lower the cost of health insurance. Connect for Health Colorado will determine your eligibility based on income, household size, and a few other factors.
If you qualify, you can choose to receive the Premium Tax Credits in one of two ways:
(1) Claim some or all of the tax credit in advance, which means the credit will go directly to the insurance company to lower your monthly premium.
(2) Receive the tax credit in a lump sum when you file your taxes.
Eligibility for Premium Tax Credit is based on your household’s estimated gross income for the year during which you are receiving the credit. If you overestimate or underestimate your income and receive more or less tax credit than you were actually eligible for, the difference will be reconciled by the IRS when you file your federal income taxes. For this reason, it is important to report changes in income, household size and address to Connect for Health Colorado.