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New Financial Help Available: Colorado Premium Assistance
A new form of financial help called Colorado Premium Assistance (CPA) is now available to many Connect for Health Colorado customers.
For eligible customers, Colorado Premium Assistance is equal to either:
- $80 for the first household member and $29 for each
subsequent household member that pays a premium
OR
- The total remaining premium after Premium Tax Credits,
whichever is smaller.
Colorado Premium Assistance: What You Need to Know
In recent years, the federal government has offered extra savings to reduce health insurance costs. That program was ended by Congress. To help offset this change, Colorado created Colorado Premium Assistance, which provides additional state-funded savings for people who qualify.
- If you re eligible and enrolled in a qualified health plan, savings from CPA are added automatically to lower your monthly health insurance premiums. You do not need to opt-in or enroll separately.
- You do not need to claim CPA savings on your taxes or include the savings in your income predictions.
- If a change to your income causes you to lose access to the CPA benefit, you will not be responsible for paying back any savings you have received in the past.
- Even with help from the CPA, your health insurance premiums may be higher this year than in years past, depending on your plan and household information.
Frequently Asked Questions
There is nothing you must do to opt-in or enroll in the benefit, but you will see a new form of financial help listed if you are eligible.
If your net premium (the amount after receiving the Advance Premium Tax Credit) is less than the available CPA amount, only enough will be applied to bring your premium to $1.
For example: For a household of one with a $45 net premium after the Advance Premium Tax Credit, only $45 of the available $80 will be applied, resulting in a $0 total premium due. For a household of one with a $100 net premium after the Advance Premium Tax Credit, the full $80 in Colorado Premium Assistance will be applied, resulting in a $20 total premium due.