For a 40-year-old person with cheap health insurance in Colorado average price in 2022 is $383.
The most affordable options in 64 percent of the state’s counties are Friday Health or Rocky Mountain Health Plans, which offer health insurance for most people in Colorado. The average price difference between the least expensive and most expensive Silver plans in each Colorado County is $131, so comparing prices can help you save around $1,572 annually.
How much does the ACA cost in Colorado?
The Affordable Care Act (ACA) health plans are available through Colorado’s Connect for Health state health insurance marketplace. But you can get health/medical insurance under the federally sponsored Medicaid program if your household income is less than 138% of the poverty line.
Health insurance with the lowest metal tier
To determine the most economical health plan for each metal tier, we examined every health insurance policy available on the Connect for Health marketplace. Even though these plans are the most affordable, not everyone may be able to purchase them because health insurance companies and their availability vary by county.
Colorado health insurance policies are divided into three metal tiers: Bronze, Silver, and Gold. The higher levels have higher monthly premiums but lower deductibles and out-of-pocket maximums. You can also check out affordable and easy to get young adult health insurance plans.
How much does health insurance cost in Colorado?
Your age will be taken into consideration by a health insurance company when calculating the premium you will pay. The average or optimum cost of health insurance in Colorado will be higher if you are an aged person since you are more likely to need healthcare services as you get older.
For instance, Silver coverage would cost more than twice as much for a 60-year-old as it would for a 40-year-old. The additional monthly cost is $459. Younger policyholders experience a less pronounced price difference. For instance, a Silver plan would cost $89 more a month for a 40-year-old than it would for a 20 year old, or a difference of 28%.
Locating top medical insurance options in Colorado
Your financial status and medical requirements will decide the best type of health insurance coverage for you. The monthly premiums and deductibles are the two main aspects that separate various health plans. To determine which one best suits your needs for health insurance and would offer the best protection, you should carefully consider these. You can also get information about supplemental health insurance plans that usually cost less and are affordable. The rules for the three tiers available in Colorado are listed below.
Consider Silver plans
There are several ways to obtain health insurance in Colorado. In most cases, employers offer their employees insurance. Checking your eligibility for a government program like Medicaid or Medicare is an additional option. You can buy health insurance policies from Colorado’s insurance marketplace if neither of the other two options works for you.
Health insurance premiums in Colorado vary depending on the provider, although plans with cheaper premiums typically have larger deductibles and out-of-pocket maximums. We compared coverage for various plan types and buyer ages to find the most affordable health insurance solutions. Our analysis makes it simpler for you to locate Colorado health insurance that meets your requirements and preferences.
Colorado’s lowest-cost health insurance by metal tier
Private plans are divided into multiple metal levels in the Colorado insurance market. These govern the percentage of medical costs paid for by your provider, not the caliber of the care you get. Cheaper metals plans like Expanded Bronze or Bronze frequently offer lower premiums but can cost you more out of pocket in the event of a medical emergency. The price of those named after more valuable metals is higher, but they can be more cost-effective if you have high medical costs. Some of these plans also cover dental insurance for kids, but you should do complete research before getting a plan.
Health insurance plans in Colorado can be classified as Bronze, Expanded Bronze, Silver, or Gold. These are the typical prices, though rates within tiers differ:
- Bronze level: $294 monthly
- Expanded Bronze costs $323 a month.
- Silver costs $399 a month.
- For gold: $448 monthly
In Colorado, the Silver and Gold levels of health insurance are more expensive per month. If you have high medical costs, these may be an economical option since you won’t have to pay much out of pocket.
It’s vital to remember that each metal tier has different premiums, out-of-pocket maximums, and deductibles.
If you choose a Silver plan, cost-sharing reductions (CSR) are an option. CSRs cut your deductibles, making them an excellent health insurance choice for low-income Colorado residents. Rates for a 40-year-old man buying health insurance in Colorado was based on HMO and EPO plans. HMOs are more prevalent in Colorado than any of these two plan varieties.
Colorado’s lowest-priced health insurance by metal tier and age
The buyer’s age has no bearing on the price of health insurance in a few states. Colorado is not one of them, though. Here, it’s more likely that you’ll have a lower rate the younger you are when you buy a plan.
In Colorado, the average monthly cost of a health insurance plan for a 26-year-old buyer is $320. In contrast, a 60-year-old pays almost quadruple the price for a comparable policy; their typical monthly premium is $847. These standard premiums apply to both HMO and EPO plan types.
You can find that rates vary depending on your particular age and income combination. Although elderly customers often pay higher rates, the insurance market offers more cheap health insurance policies in Colorado because of tax surcharges and other limitations. Applying for a plan is the only method to acquire a precise price for your profile.
Colorado counties with the cheap health insurance rates
When determining premiums, insurance carriers take many criteria into account. Some of them are your age, how much you smoke, and the state in which you reside. Rating regions are used in Colorado to determine insurance prices. Counties set rates using a comparable framework.
Colorado has nine rating zones and 64 counties. The county with the most residents in the state is Denver. Bright Health offers the most affordable health insurance plan in Denver County for $330 a month. Perfect for the people who want to save money on health insurance. The Silver 5000 Rx Copay is it.
Colorado health insurance providers
Currently, Colorado’s state exchange offers coverage from the following eight health insurance providers:
- BlueCross BlueShield of Anthem
- Bright Healthcare, Inc.
- Cigna
- Denver Health Medical Plan’s Elevate
- Health Plans for Friday
- Kaiser Permanente,
- Oscar
- Rocky Mountain Healthcare Plans
Colorado’s Cheapest Health Insurance Has High Out-of-Pocket Maximums
Younger customers might be drawn to a health insurance plan in Colorado with a low monthly cost. Although you won’t have to spend much each month, you might have to pay more out of cash if you have a medical emergency.
When comparing policies with out-of-pocket maximums of $8,250, we discovered that Bright Health offers the most affordable health insurance in Colorado with that cap. The Bronze 8550 Rx Copay plan costs an average monthly premium of $214 for a typical 26-year-old to purchase.
Colorado’s Lowest Cost Health Insurance With Low Out-of-Pocket Maximums
A plan with a low out-of-pocket limit may be a good fit for your needs if your medical costs are higher than those of the average customer. You’ll have to pay higher monthly premiums, but your out-of-pocket expenses are likely to be high due to frequent doctor visits or repeated prescription drug purchases; your maximum will be reached sooner. It prompts your insurance company to start paying claims earlier.
For this analysis, we focused on plans with out-of-pocket maximums under $4,250. However, all health insurance policies in Colorado include out-of-pocket maximums higher than this. Rocky Mountain Health’s Monument ONE Gold 2500 RX Copay is the least expensive health insurance option in Colorado, with a low out-of-pocket maximum. It boasts the lowest average monthly premium for a 40-year-old at $469 and the lowest out-of-pocket maximum at $5,000.
Colorado’s most affordable HMO/EPO health insurance plan
When choosing the sort of plan to buy, you must consider your medical requirements and coverage choices. Most health insurance plans in Colorado are HMOs; however, EPOs are also offered. Check EPO reviews before applying for health insurance.
Is there free healthcare in Colorado?
Health Maintenance Organizations (HMOs) offer plans that are usually less expensive than others. Use providers in your network to make sure your expenses are reimbursed. You also need a recommendation from an HMO plan to consult a specialist. This can be an excellent choice if you can access in-network medical professionals easily. Colorado Doctors Plan Silver 3 Free Visits 4000 from Rocky Mountain Health Plans is the least expensive HMO Silver Plan. The average monthly premium for it is $353.
Exclusive Provider Organization (EPO) plans can be a better choice if you’d want more freedom. These offer you the same advantages as HMOs, but you do not always need a referral to see a specialist. Bright Health provides the most affordable EPO Silver plan in Colorado. The Silver 5000 Rx Copay policy costs about $335 a month.
Cheapest HSA-Eligible Plan in Colorado
You may decide to use a Health Savings Account if you are generally healthy and don’t see the doctor often (HSA). The deductibles on these plans are hefty despite Colorado’s cheap health insurance rates. The ability to contribute to a savings account before taxes makes them unique. You may withdraw the funds for other uses if you don’t utilize them for medical expenses (as long as you then pay taxes on them).
For the Expanded Bronze and Silver tiers, HSA plans are accessible. For each level, the least expensive HSA health insurance plans in Colorado are:
- Bright Health offers the Bronze 6850 HSA, the least expensive HSA Expanded Bronze Plan, at an average monthly cost of $300.
- Lowest-priced HSA Silver Plan: Bright Health’s Silver plan 3500 HSA costs on average $348 per month.
- HSA plans can have a downside, though. You might need to use some of your funds if you have a significant medical expense.
What Colorado Residents Should Know About Health Insurance
You can find affordable health insurance options in Colorado with the aid of our analysis, but you may be able to find more choices in the insurance market. Suppose potential purchasers are elderly or have low income and qualify for government health insurance programs like Medicaid or Medicare in Colorado. If so, they might be able to find more affordable health insurance choices in Colorado. These are frequently more affordable than any private plan on the market.
The Colorado Marketplace for Private Health Insurance
The Colorado insurance exchange divides private insurance policies into multiple tiers. Colorado offers four levels: Bronze, Expanded Bronze, Silver, and Gold. Regardless of the category, you select, you receive the same degree of service. The tiers determine the percentage of your medical expenses that your insurance company pays for.
Here is a summary of each metal tier to help you understand the different characteristics of each:
- Bronze – Bronze plans offer higher deductibles and out-of-pocket maximums than other categories, but they are cheaper. They require insurance companies to pay around 60% of the costs of medical care, but you could have to spend more before your policy begins to pay.
- Expanded Bronze – Plans that are Expanded Bronze often offer Bronze-level benefits. They mandate that insurance companies pay for around 65 percent more of your medical expenses.
- Silver – These mid-range plans are more expensive than Bronze or Expanded Bronze plans but have lower deductibles and out-of-pocket maximums than Gold insurance. Silver plans can be a very affordable option if you are eligible for additional savings via CSRs.
- Gold – Gold plans feature lower deductibles and out-of-pocket maximums despite having higher monthly premiums. If you have high medical costs, it means you end up spending less out of pocket. For Gold plans, insurance companies cover about 80% of your medical expenses.
For those in Colorado with modest incomes, reasonable health insurance options are available; some are even more cost-effective than the plans we analyzed. You can qualify for tax premiums if your yearly income is between 100% and 400% of the federal poverty level. For instance, homes with two people who make between $17,420 and $69,680 a year would be eligible. The HealthCare.gov calculator can be used to determine potential savings more precisely.
Open enrollment is the best time to buy a new plan or renew a current one. Every year, it normally takes place between November and December. However, because of the epidemic, registration periods have currently been extended.
Colorado Medicaid
By seeing if you qualify for any government programs, you may be able to obtain affordable health insurance in Colorado. You automatically qualify for Medicaid if your income is less than 138 percent of the federal poverty line. Colorado is a Medicaid expansion state; therefore, your income level is the only criterion for eligibility. This becomes your cheapest choice if you achieve this requirement because Medicaid is free.
Colorado’s Medicare
Additionally, you can determine if you are eligible for Medicare, another government-run healthcare program. You must be 65 or older or have a qualifying sickness or handicap to qualify. Unlike Medicaid, some of the coverage under Medicare involves payment. It is still a less expensive option for health insurance in Colorado than buying a private plan through the insurance exchange.
There are three components to Medicare coverage:
- Part A: Often known as hospital insurance, it provides coverage for a skilled nursing care facility, home care, hospice care, and inpatient stays.
- Part B: Preventive care, outpatient treatment, some doctor’s services, and medical supplies are all covered by Part B, which is commonly referred to as medical insurance.
- Part D: It addresses prescription medications, necessary immunizations, and vaccinations.
Methodology
The question is that what is the cheapest health insurance you can get in Colorado? The cheapest plan for you will rely on your unique needs and characteristics; NewHealthInsurance research is based on estimates. Based only on our study, no one plan can be guaranteed to be the least expensive for you in Colorado. The Connect for Health Colorado state health insurance exchange was used to retrieve health insurance prices and policies. The premiums were used to calculate averages for factors including metal tier, age, and county.
