Extra savings are here to stay
Due to changes in federal law, starting in 2021, we’ve been able to provide Coloradans with even more financial help for health insurance. This level of financial help will continue for years to come, at least through 2025.
• There’s no income cap to qualify, and Coloradans of most income ranges are eligible for reduced premiums.
• Coloradans with income below a certain threshold can qualify for plans with $0 premiums.
• You can get an estimate of your savings in minutes using our Quick Cost and Plan Finder tool.
• Our customers save more when they work with a certified enrollment expert; contact one in your area to make sure you’re getting all the financial help you qualify for.
There are two types of financial help you can qualify for:
Premium tax credits that lower your monthly premiums
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.
Lower Your Monthly Premiums (Advanced Premium Tax Credits)
The financial help you can get to lower your monthly payment is called a Premium Tax Credit. Every family is unique. You can get financial help based on your family’s specific needs and situation including:
- Your family size;
- Where you live; and
- Your family’s estimated annual income.
You can use the financial help 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.
Healthcare Discounts (Cost-Sharing Reductions)
If you do qualify for lower out-of-pocket costs AND you sign up for a silver plan, healthcare discounts are applied automatically when you go to the doctor or fill a prescription. Plans with healthcare discounts also have a lower out-of-pocket maximum – the total amount you’d have to pay for covered medical services per year. These healthcare discounts are called Cost-Sharing Reductions.
Learn more about how Healthcare Discounts work »