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Best Cheap Health Insurance in Colorado

You can acquire health insurance through the federal program if your household income is below 138% of the federal poverty level.

Health Insurance Plans offers Affordable Care Act health plans for purchase. The policies provide health care coverage, but if your household income falls below 138% of the federal poverty level, you can acquire health insurance through the federally funded Medicaid program.

After comparing all health insurance plans from the marketplace, we found that the Anthem Silver Pathway X HMO 5500 was the cheapest Silver plan available in Colorado — though it’s only offered in 14 counties.

• Cheapest health insurance coverage by metal tier
• Short-term health insurance in Colorado
• Health insurance companies in Colorado
• Cheapest Silver plan by county

Cheapest health insurance by metal tier

We analyzed all the health insurance policies offered by the companies on the Health Insurance Plans’ list to find the most affordable health plan for each metal tier. Although these are the cheapest plans available, they may not be offered to everyone, since the availability of insurers and health policies is determined by the county you live in. The table below should be used as an initial guide to determine what metal tier is most appropriate depending on your financial and health situation.

Colorado health insurance policies are broken down into the three metal tiers: Bronze, Silver and Gold. The higher tiers have the most expensive premiums but also smaller out-of-pocket maximums and deductibles.

A health insurance provider will take into account your age when determining the quote you will receive. Since you are more likely to use health services as you age, the average cost of health insurance will increase if you are older. For example, a 60-year-old would pay 113% more for a Silver policy when compared to a 40-year-old, or $476 more per month on average.

Finding the best health insurance coverage in Colorado

The best health insurance coverage for you will be determined by your financial situation and medical needs. The two largest differentiating factors between all health plans are the monthly premiums and deductibles. You should carefully analyze these to determine what fits your health insurance needs and will provide the best coverage. Below we have provided guidelines to the four tiers available in Colorado.

Start with Silver Plans

Silver plans are an affordable middle ground policy that has modest premiums along with a deductible and out-of-pocket maximum that are between Bronze and Gold tiers. We recommend starting your health-care search by evaluating Silver plans, as these are great for a variety of people unless you are extremely healthy, can absorb a very high deductible or know you will have a number of large medical expenses.

Silver plans are also the only health insurance plan that makes you eligible for cost-sharing reductions if you fall below 250% of the federal poverty level. These reductions can further decrease your copays, coinsurance and deductibles, and can sometimes provide more benefits than Gold metal tiers with lower premiums.

Gold plans:Great if You Anticipate High Medical Costs

The highest tier of health plans implies expensive monthly premiums.

Gold health plans are the highest tier offered in Colorado and have the most expensive monthly premiums. But the policies also have the lowest deductibles, which can make it easier to begin coinsurance. For this reason, Gold plans are the best option if you expect to have a number of medical costs that may be expensive. One such example is if you have diabetes and need monthly access to insulin, which can drive up medical costs very quickly.

Bronze plans:Best if You Are Healthy

The cheapest plans available for purchase are Bronze and are best if you have low income due to the affordable monthly premiums. These plans come with the highest deductibles and therefore are only recommended if you are in excellent health and can absorb a higher deductible. Bronze plans provide coinsurance once the high deductible has been met. This means that it would require a large medical bill to reach the deductible level and may leave you bearing much more of the cost.

Resources and References:

• Health Insurance Plans
• Deductibles