What are the Best Health Insurance Options in Colorado?
Buying health insurance can be tricky business. You need to check if you meet the eligibility requirements for receiving financial help to bring down your expenditure. You also need to keep in mind doctors, medications and you and your family’s overall healthcare needs.
Health Insurance Companies in Colorado
A total of seven insurers are offering 2019 health plans through Colorado’s exchange.
Colorado has always been a flagbearer of healthcare reform. The state made maternity coverage mandatory and banned gender-based premiums before any federal reform was implemented to direct the same.
It was the second state in the US to pro-actively pursue single-payer healthcare by putting it on the 2016 ballot but came into wide rejection from the voters. Colorado’s uninsured rate dropped nearly halfway with the 14.1% that was recorded in 2013 falling to 7.5% in 2017. The Colorado Health Access Survey found a lower uninsured rate, i.e., 6.5% in 2017.
How does the health marketplace work in Colorado?
Colorado makes use of a state-run health insurance exchange. Despite seven insurers participating, which is a robust figure compared to the rest of the country, coverage continues to be localized, and plan availability is concentrated in urban areas.
14 out of the 64 counties in Colorado who shop the state’s exchange have a single carrier option – Anthem Blue Cross/Blue Shield, as was in 2018 and will continue to be this year too.
Denver, Jefferson, and Arapahoe are among the counties with the most available options. They can choose from six carrier options. Colorado Choice/Friday Health has been looking to extend their coverage area in the state and will begin offering plans in all nine-rating areas in 2019. The plans, however, will only be available in select counties in three of those rating areas.
A special enrollment period has been implemented by the state of Colorado which extends the enrolment period by 2.5 months for this year and for the years to come.
The exchange announced that some callers might face difficulty in getting through to the customer service center due to high call volume. These individuals should contact the customer service center by December 19 and get themselves a policy with a January 1 effective date.
Exchange Rate Increase and More Relevant Information
Colorado registered an average rate of increase of 5.6% in 2019. As already discussed, seven separate market insurers are offering plans in the state’s exchange for 2019. Let’s learn about them and their average rate of increase below –
- Rocky Mountain HMO: Increased by 5.7%
- Bright Health: Increased by 6.5%
- Anthem: A 0.2% decrease for HMO Colorado and a 2.6% decrease for Rocky Mountain Hospital and Medical Service
- Cigna: An increase of 8.1%
- Kaiser: An increase of 7.5%
- Friday Health: An increase of 7.3%
- Denver Health Medical Plan: An increase of 21.6%
Short Term Health Insurance
Colorado allows for short-term health insurance plans that can last up to 6 months. However, these plans are not approved to be renewed. Additionally, these plans cannot be purchased by an individual who has had coverage under multiple short-term plans in the preceding 12 months. So, a Colorado resident can enjoy the benefits of a six-month short-term plan and then buy another after the first expires. Post this second short-term plan. However, they’ll have to wait before they can purchase a third.
Colorado takes pride in providing good healthcare. As an American, you’d do well to buy yourself a health insurance plan. If not, you can always resort to Medicaid.