Find out why forward-thinking Coloradoans are flocking to this small, innovative new provider named Friday Health Plans
At ColoHealth, we are committed to educating our friends and clients about ways to regain control of your healthcare. With this in mind, we are always eager to present new insurance options when they become available. This is especially true when the new option brings even more control and personalization to the insurance-buying process.
Growing in popularity in Colorado Springs and the Front Range, Friday Health Plans are available to select Colorado residents. Here’s what you need to know about this small, ACA-compliant health insurance upstart:
Friday Health Plans: Purpose-Built Coverage for Colorado
Friday Health Plans have been designed specifically for individuals who buy their own insurance. This is opposed to those who enroll in an employer health program. Friday Health Plans also offer coverage to small businesses who don’t have access to larger programs.
With only 15,000 members, Friday is one of the newest and smallest insurers in the state. Even so, it has managed to build momentum within the local community by offering simple, affordable benefits.
The Catastrophic Plan
This plan is designed for healthy, generally younger individual buyers who only need bare-bones coverage. In essence, the Catastrophic Plan is for the possibility that you are in an accident or become very ill. It includes three primary care visits per year, and $0 access to preventive drugs like birth control and vaccines.
Because this plan is only focused around the basic stuff, it is not very expensive. However, it does have a far higher deductible than the Silver or Gold Plans (see below).
The Bronze Rx Copay Plan
If you don’t go to the doctor very often and are only looking for basic coverage, the Bronze Rx Copay Plan is a good option. Like the Catastrophic Plan, it includes 3 primary care visits per year and preventive drugs. It is arguably superior to the Catastrophic Plan in that it also offers access to generic Rx drugs.
In addition, the Bronze Rx Plan offers a deductible-waived $75 urgent care copay. Having access to this kind of emergency coverage without worrying about the deductible can prevent a lot of stress.
Note: The Bronze Rx Copay Plan is also available in an HSA-qualified form. Call us for more information.
The Silver Plan
The Friday Silver Plan is a great basic insurance plan for you or the family. This is especially true for people who expect to see the doctor a few times a year. The basic coverage offered under the Silver Plan comes with a higher premium in exchange for a significantly lowered deductible.
In addition to all this, the Silver Plan includes the same deductible-waived urgent care copay as the Bronze Rx plan.
The Gold Plan
The Friday Gold Plan is for individuals and families who expect to put their insurance policy to use. In exchange for a higher monthly cost, deductibles go way down. All of the other Friday perks come into play, including 3 free primary care visits for each member, $0 generic prescription drugs, and a $75 urgent care copay.
Q: Isn’t it Dangerous to Go with Such a Small Insurance Company like Friday Health Plans?
If you’re thinking, “Didn’t my Benefits Manager advise against small insurers?” then don’t worry. You aren’t going cray. One of the biggest problems with small, “upstart” insurance companies is that they’re too small to handle much risk. This can lead to issues with coverage, or in some cases the unexpected termination of your plan.
Friday Health Plans is different because it has entered into a reinsurance agreement with AXA. By partnering with a globally trusted insurance plan, Friday Health Plans is protected against risk. This allows them to continue to grow and enter new markets, without fear of financial disaster.
Times Are Changing … Make Sure Your Plan is Keeping Up
In Colorado and across the country, uncertain times have inspired millions of people to rethink their financial strategy. This includes taking a long, hard look at your monthly health care costs. There might be a different plan available with lower payments, or coverage options better suited to this day and age.
Your Personal Benefits Manager is the key to a wealth of knowledge that can help you save money. If you’re in need of a change-up or are simply looking to check in with your overall goals, give us a call. Friday Health Plans might not be for everybody, but it certainly isn’t the only trick we have up our sleeve.
You can learn more about finding health insurance in Colorado by visiting Colorado.gov
Misty Berryman is a Personal Benefits Manager at ColoHealth. Her aim is to help you make smart and informed healthcare coverage decisions that will fit your needs and budget. Read more about Misty on her Bio page.