by Matt Valeta, Health Policy Analyst
Life is better with options. People like Netflix because they have so many options, and the potential choices have made it more valuable than channel surfing. Colorado’s new health care marketplace, Connect for Health Colorado, will offer consumers lots of different options so that they can find a health plan that best fits their needs.
CCHI has been digging in to the rates to get a better look at how much consumers can expect to pay for health insurance in Connect for Health Colorado. First, we looked at a sampling of silver level plans in Connect for Health Colorado. Silver level plans are designed so that insurers pay approximately 70% of health care costs and consumers pay 30% after their premiums. We next looked at rates on the bronze and catastrophic plan levels.
Bronze level plans are expected to have lower premiums and cover about 60% of the health care costs while consumers cover the remaining 40%.
Catastrophic plans cover the essential health benefits required by the ACA, but only after out-of-pocket cost sharing reaches the maximum ($6,400 in 2014). They are only available to individuals under the age of 30 or individuals over the age of the 30 that cannot find affordable coverage. Individuals purchasing catastrophic plans do not qualify for premium subsidies deductibles will not apply to required preventive services or to at least three primary care visits.
These plans are generally designed for younger or healthier individuals. While young adults may not use their health insurance as often, they still need protection from the possible costs of medical emergencies.
Our analysis has found that once again, consumers will be able to choose from plans with a variety of premiums and cost sharing options. There are plenty of options for consumers who are looking for coverage but are also sensitive about the cost of their premiums.
Bronze
Denver Individual Bronze Plans
• 27 year-old: $153 to $301 per month
• 40 year-old: $186 to $356 per month
Fort Collins Individual Bronze Plans
• 27 year-old: $145 to $318 per month
• 40 year-old: $177 to $388 per month
Durango Individual Bronze Plans
• 27 year-old: $153 to $428 per month
• 40 year-old: $186 to $522 per month
Catastrophic
Denver Individual Catastrophic Plans
• 27 year-old: $139 to $294 per month
Fort Collins Individual Catastrophic Plans
• 27 year-old: $147 to $301 per month
Durango Individual Catastrophic Plans
• 27 year-old: $155 to $418 per month
Disclaimer: Rates vary by insurer and region. These rates are not representative of rates throughout the entire marketplace. Rates are subject to review by the Division of Insurance and will be finalized by July 31st. Insurers also have the option to offer multiple bronze or catastrophic plans so rates could vary more widely. Insurers may also offer other ”metal” tier plans too.
Starting this October, health insurers will be competing for your business. With options and subsidies available for you in Connect for Health Colorado, you should be able to find the right coverage so that you can get the care that you need when you need it.
Take a closer look at CCHI’s analysis of the rates for yourself here: