What is the Best Health Insurance in Colorado?

Fall in Colorado means two key decisions for residents: picking the perfect ski pass and choosing the right health insurance plan for 2024. 

While hitting the slopes is straightforward, selecting health coverage can be a bit more complex.

With the open enrollment approaching, now’s the time to explore your options and find the best health insurance plan to meet your needs. Here’s a quick guide to help you make the right choice before the deadline. 

 

How to choose the best health insurance in Colorado:

The best health insurance for you is going to depend on a number of factors, including your age, zip-code, and specific medical needs. You’ll also need to consider the following questions:

Do I qualify for a premium tax credit (APTC)?

The most significant variable that will affect your health insurance cost is the ACA Advanced Premium Tax Credit. 

For 2024, the maximum income for an individual to qualify for the Advanced Premium Tax Credit (APTC) is $58,320, which is 400% of the Federal Poverty Level (FPL). For a family of four, the maximum income is $120,000.

However, due to the temporary expansion under the American Rescue Plan and the Inflation Reduction Act, individuals and families earning above these thresholds may still qualify for a reduced subsidy if their health insurance premiums exceed 8.5% of their household income​.

If you qualify for the Advanced Premium Tax Credit (APTC), your health insurance premiums will be significantly lower than those who don’t. However, earning just a little more than the qualifying limit can disqualify you from receiving the credit. If you don’t qualify, there are still alternatives available, such as health sharing plans, which might help reduce your healthcare costs.

What’s the difference between Bronze, Silver, & Gold insurance plans?

Health insurance plans in Colorado are divided into three main tiers: Bronze, Silver, and Gold.

Each tier offers different levels of coverage and cost, designed to meet various healthcare needs. Here’s a breakdown to help you choose the best option:

1. Gold Plans: Ideal for Frequent Healthcare Needs

• Coverage: Gold plans provide the most comprehensive coverage with the lowest out-of-pocket costs, including deductibles, coinsurance, and copays.
• Who it’s for: Best for those who require frequent, specialized, or complex medical care.
• Cost: While Gold plans generally have higher premiums, they can be more affordable overall if you need a lot of medical services. 

2. Silver Plans: Balanced Coverage for Most People

• Coverage: Silver plans offer a middle ground with moderate premiums and out-of-pocket costs. They provide the best value for most people.
• Who it’s for: Ideal for individuals with average healthcare needs.
• Cost: If you qualify for cost-sharing reductions, a Silver plan could provide even better coverage than a Gold plan.

3. Bronze Plans: Cost-Effective for Minimal Healthcare Needs

• Coverage: Bronze plans have the lowest monthly premiums but require you to pay a larger share of your medical expenses when you need care.
• Who it’s for: Suitable for healthy individuals who don’t anticipate needing much medical care. However, it’s important to have savings set aside to cover high out-of-pocket costs in case of serious illness or injury.

4. Medicaid: Best for Low-Income Individuals

• Coverage: Medicaid is a federal program offering comprehensive coverage for individuals with low incomes.
• Who it’s for: If you earn less than about $20,000 as an individual or $41,000 as a family of four, Medicaid may be the best option. You may also qualify if you’re pregnant or under 19, even with higher income levels.

This tiered approach allows you to choose a plan that best fits your healthcare needs and financial situation. Be sure to compare options carefully, especially between Silver and Gold plans, to find the most cost-effective coverage. 

The best health insurance providers in Colorado:

Anthem BlueCross BlueShield

Anthem BlueCross BlueShield (BCBS) is a popular choice among Colorado residents due to its extensive and diverse networks available through subsidy-eligible HMO plans. 

These networks provide broad access to healthcare providers across the state, making it easier for members to find the care they need. Anthem BCBS is also known for offering a wide range of Health Savings Account qualified plans. These are a great option if you want to save on taxes while setting aside money for healthcare expenses.

In addition to these features, Anthem BCBS plans often include benefits like telehealth services, wellness programs, and preventive care options, further enhancing their appeal. 

Their commitment to offering comprehensive coverage options and maintaining a robust provider network has helped Anthem BCBS remain a popular and trusted provider in Colorado.

Kaiser Permanente

Kaiser Permanente stands out as one of the top health insurance providers in Colorado, earning a near perfect 4.8 out of 5 rating from HealthCare.gov and consistently high marks for customer satisfaction.

This reputation is bolstered by their competitive pricing, with the average cost of a Silver plan being around $441 per month in the state.

Kaiser Permanente’s popularity is evident, as nearly half of all health insurance plans in Colorado are through them. One reason for this widespread preference is the flexibility their plans offer. With Kaiser, you can change your primary doctor anytime, and each family member can choose a different doctor if desired.

Additionally, the convenience of the Kaiser Permanente app enhances the overall experience. The app allows you to schedule visits, communicate with your healthcare providers, and order prescription refills directly from your smartphone, making it easier to manage your health on the go.

This combination of high-quality service, affordability, and user-friendly features makes Kaiser Permanente a leading choice for Colorado residents.

Friday Health Plans

One of the newest insurance options in the state comes from Friday Health Plans. Their catastrophic plan is a great option for people who only need very basic coverage, including preventative services and three annual primary care visits.

Friday Health Plans also offers three metal-tiered plans. The Bronze plan is also HSA qualified. Plans are available in Denver, Colorado Springs, NE Colorado, and the San Luis Valley.

Rocky Mountain Health Plans  

Rocky Mountain Health Plans, a small nonprofit HMO, offers quality care at affordable prices, tailored to the needs of Colorado residents. 

As one of the only truly Colorado-based companies on the list, Rocky Mountain Health Plans has a deep understanding of the local population. They provide a range of options, including PPO plans and HSA-qualified plans available statewide. Additionally, HMO plans are accessible for residents of Denver, Colorado Springs, and Mesa County.

This year, Rocky Mountain Health Plans has partnered with UnitedHealthcare to offer the Colorado Doctors Plan in eight counties on the front range: Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, and Jefferson counties. 

This plan provides access to a network of local healthcare providers, combining the strengths of Rocky Mountain Health Plans and UnitedHealthcare to deliver comprehensive care with a local focus.

OneShare Health: Colorado’s favorite health share plan

For those who find traditional health insurance too costly—especially if you don’t qualify for tax credits—health sharing plans like OneShare Health offer a compelling alternative. 

In Colorado, OneShare Health has become the most popular choice for health sharing, providing three different plan levels to suit various needs.

OneShare Health’s plans are not technically insurance but function as a community-based sharing program. Members contribute a monthly amount to share each other’s medical expenses, often at about half the cost of unsubsidized insurance. These plans offer flexibility and affordability, making them an attractive option for many Colorado residents who are seeking coverage that aligns with their budget and values.

It’s important to note that, because OneShare Health is not insurance, it doesn’t provide the same guarantees or protections as traditional insurance plans. However, for those looking for an alternative to high insurance premiums, OneShare Health offers a viable and popular solution in Colorado.

What is the cheapest health insurance in Colorado?

The silver tier seems to be the most common plan type in Colorado as it has the best balance of cost and coverage. 

Rocky Mountain Health Plans offers the most affordable Silver plan in Colorado. The average One Colorado Option Silver is $412 a month. This rate is the baseline cost for someone who does not qualify for any subsidies, but it may vary based on factors such as age, sex, smoking status, and location.

Run an instant quote to find the best health insurance in Colorado

If you’re looking for a new health insurance plan, there’s no need to wait. 

You can run an instant quote and sign up online, or talk to one of our Personal Benefits Managers who will help get you signed up. Or, if you’re interested in learning more about an alternative to conventional insurance, we can show you what’s available.

Remember: open enrollment officially ends on January 15th, and you must sign up by December 15th to get a January 1st effective date. The earlier you get it taken care of the better. Call today if you want to get on the calendar for an appointment.