Colorado is a state known for the Rocky Mountains, legal marijuana, and its stunning wilderness. The state is also home to over 5.5 million Americans, and every one of those residents deserves robust health insurance to protect them from having to pay out of pocket for medical expenses.
For instance, if you go whitewater rafting on the Colorado River and get hurt, no sweat: as long as you have health insurance, you don’t have to worry about how to pay the emergency room bill—it’s covered!
Your biggest challenge isn’t scaling mountains or whisking down a winding river, it’s determining the best health insurance for you! So, if you’re ready to start exploring your health insurance options in Colorado, read on, and we’ll discuss everything you need to know.
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One of the biggest hurdles to accessing health insurance is its cost. According to the Colorado Division of Insurance, between 2008 and 2017, health insurance rates went up 50%. Since then, many new laws have been passed to contain and reduce the cost of health insurance in Colorado.
So what can you do? The first step is to shop around for the most affordable health insurance in Colorado. This means collecting various quotes from different insurance providers, as every insurance company uses different calculations to set health insurance premiums, so your rates will naturally differ between insurers.
Are you ready to start shopping for health insurance in Colorado? Start by getting access to free quotes or keep reading for more info.
The average cost for health insurance premiums in Colorado varies depending on your personal profile and your coverage package (e.g., Bronze, Silver, or Gold), but the average monthly premium is between $300-$450.
Unfortunately, like inflation, the cost of health insurance in Colorado from 2022-2023 has increased by 10-20%, depending on which coverage package you purchase. It’s more important than ever that you do your health insurance homework by shopping around for the most affordable health insurance in the state.
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When it comes to selecting the right health insurance plan for you, the choices are endless. You start with the type of health insurance you buy, and then you pick the best coverage option.
If you call the Rockies Mountains home, these are the types of health insurance available to you:
Keep reading for more private insurance options.
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Although the average cost of health insurance in Colorado is hard to pin down, we can help give you an idea of how much it will cost by tier for a 40-year-old.
| Metallic Tier | Average Monthly Cost |
|---|---|
| Bronze | $250 |
| Extended Bronze | $250 |
| Silver | $330 |
| Gold | $310 |
As you can see, the cost of Gold coverage in this example is more affordable than Silver coverage. However, it is not a rule that Gold will always be cheaper. Remember, insurance premiums are unique to every insurer, and rates depend on your personal profile (e.g., age, health).
Colorado is tackling the rising cost of health insurance by offering Health Savings Accounts (HSA) on the two cheapest metallic tiers: Bronze and Silver.
HSA’s are for healthy people that don’t require regular doctor visits. In effect, you can contribute pre-tax money into a savings account that you can use for health care, or you can withdraw it, but you’ll pay taxes on it.
As of 2019, the state of Colorado no longer offers short-term health insurance policies. Legally, you can buy a short-term plan, but no insurance company in the state offers them.
There are several types of health insurance; you aren’t limited to just private health insurance. Qualifying individuals can take out a Medicare or Medicaid health insurance plan.
Here’s more information on each policy:
Medicare
For seniors over 65 years old or qualifying applicants, there is Medicare. Medicare is sold in “Parts” rather than tiers. Here’s an overview of Medicare’s four parts:
You can choose which parts to enroll into, although if you’re getting Social Security, you’re automatically enrolled in Parts A and B at 65.
Medicaid
Colorado is a Medicaid expansion state, meaning you qualify based on your income level; it must be below 138% below the federal poverty level. In addition, Medicaid is free or low cost, which means it’s the most affordable choice for health insurance if you qualify.
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If you’re eager to get health insurance in Colorado, you can enroll in private health insurance during open enrollment that runs from November 1st—January 15th.
Keep in mind, you can enroll at other times of the year if you have a qualifying life event, like a divorce, birth, marriage, or more, that could cause you to need to change your insurance.
As a Coloradans, there’s nothing like breathing in that fresh Rocky Mountain air and exploring the wilderness. But, without proper health insurance, you risk paying out of pocket for medical expenses should something unforeseen happen. So, even though shopping for health insurance is not as exciting as watching a Colorado Avalanche hockey game, it’s necessary.
When exploring your health insurance options, start by accessing your needs. For example, if you’re over 65, you’ll need Medicare; if your income is 138% under the federal poverty line, you’ll need Medicaid. And for everyone else considering private health insurance, you’ll need to ask yourself a few additional questions.
Whatever your situation, health insurance helps you maintain good overall health. So, if it’s time to look for health insurance, get access to free quotes here as your starting point.
Jessica Fox Jessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.
