Connect for Health Colorado is the only place you can apply for financial help to lower the cost of private health insurance. The financial help you can get to lower your monthly payment is called a Premium Tax Credit.

You can get an estimate of how much financial help you qualify for with our Quick Cost Plan Finder >> Estimate your financial help

See if you may qualify for lower monthly premiums—more detail:

If you are a family ofWith this income range, 
you may qualify for BOTH Lower Monthly Premiums and Health Care Discounts

With this income range, you may qualify only for Lower Monthly Premiums
1$16,612 – $31,225$31,226 – $49,960
2$22,490 – $42,275$42,276 – $67,640
3$28,369 – $53,325$53,326 – $85,320
4$34,248 – $64,375$64,376 – $103,000
5$40,126 – $75,425$75,426 – $120,680
6$46,005 – $86,475$86,476 – $138,360

Craig from Grand Junction, CO got a plan for $59 per month

  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:

  1. Get the financial help in advance to lower your monthly premiums;
  2. Wait until you file your taxes to get a premium tax credit added to your tax refund.

If you take the financial help in advance, the amount of the tax credit you use should be based on your estimated gross income for the year you’re getting coverage, not last year’s income.

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 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, most Coloradans are still able to purchase a plan through Connect for Health Colorado.

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.

Tips for managing your financial help

You might want to only take as much financial help as you need each month.

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. 

Why would you want to do this? So you can avoid having to pay any money back. 

Here’s more on why: 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 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. 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.

   Log-in to report changes in your income during the year after you sign up.

Reporting the changes to Connect for Health Colorado during the year lowers your chances of having to repay some or all the financial help you received because we can help make any necessary adjustments throughout the year. 

If your income is over amount in the table above you will have to pay the entire amount of financial help you received back on your taxes. However, you will receive a full tax refund for the amount of financial help you qualified for if:

  1. You do not use financial help, or only take part of the financial help you qualified for, 
  2. Your annual income ends up being below the upper limit threshold, and
  3. You enrolled in an insurance plan through Connect for Health Colorado.

Get advice about how much  from Connect for Health Colorado’s state-wide network of certified experts »

Who cannot get financial help?

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 or your spouse’s employer
  • Medicare
  • TRICARE
  • The Children’s Health Insurance Program (CHIP)

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

You can still enroll in a health plan through Connect for Health Colorado but Coloradans with these offers of health insurance typically cannot receive financial help and will pay full price for a plan.