Haris Ashley
The cost of health insurance in Colorado depends on several factors, including age, income, and coverage level. The state offers a range of insurance options, including private insurance, Medicaid, and Medicare. The average cost of health insurance in Colorado is $531 per person, which is below the national average. The most affordable health insurance plan in Colorado is the RMHP Monument One Colorado Option Silver from Rocky Mountain Health Plans, costing $412 per month. Silver plans are a popular choice as they balance costs and coverage. However, the cost of health insurance can vary significantly, with an 18-year-old paying $352 per month for a Silver plan, while a 60-year-old pays $1,046 for the same plan.
| Characteristics | Values |
|---|---|
| Affordability | The most affordable health insurance in Colorado is RMHP Monument One Colorado Option Silver from Rocky Mountain Health Plans, costing $412 monthly. |
| Metal tiers | The cost of health insurance depends on the metal tier. For example, a 40-year-old with a Bronze plan pays $355 per month, while someone the same age with a Gold plan is charged $460. |
| Age | The cost of health insurance varies with age. For instance, an 18-year-old pays $352 monthly for a Silver plan, while a 60-year-old pays $1,046 for the same plan. |
| Income | Income affects health insurance rates. |
| Coverage level | The cost of health insurance depends on the coverage level. |
| Medicaid | Health First Colorado (Colorado's Medicaid program) provides health insurance coverage for doctor visits, hospital stays, emergency room and urgent care, prescription drugs, dental services, and more. |
| Medicare | Medicare is a government-funded healthcare program aimed at residents 65 and older. |
| Private insurance | Private insurance is available for purchase in Colorado. |
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What You'll Learn
The cheapest health insurance plans in Colorado
The cost of health insurance in Colorado depends on several factors, including age, income, and coverage level. The cheapest health insurance plan available will vary from person to person, but here is a list of some of the most affordable health insurance plans in Colorado:
RMHP Monument One Colorado Option Silver
The RMHP Monument One Colorado Option Silver is offered by Rocky Mountain Health Plans and costs $412 per month. This is the cheapest option in the Silver tier, which is the most common plan type in Colorado as it best balances costs and coverage.
Anthem Catastrophic Pathway Essentials HMO 9450
The Anthem Catastrophic Pathway Essentials HMO 9450 is offered by Anthem Blue Cross and Blue Shield and costs $215 per month for a 26-year-old. This is the most cost-effective Catastrophic health plan in Colorado. Catastrophic plans offer the lowest level of coverage available and are only available to adults under 30 or those who qualify for a hardship exemption.
Elevate Health Plans Bronze HDHP
The Elevate Health Plans Bronze HDHP is offered by Denver Health Medical Plan and costs $297 per month. This is an Expanded Bronze plan, which will save you money on premiums but may result in higher out-of-pocket expenses.
Cigna Connect Flex Bronze 9450 Rx Copay
The Cigna Connect Flex Bronze 9450 Rx Copay plan is offered by Cigna and costs $355 per month. This is a Bronze plan, which covers 60% of medical costs.
Elevate Health Plans Colorado Option Gold
The Elevate Health Plans Colorado Option Gold is offered by Denver Health Medical Plan and costs $362 per month. This is the cheapest Gold plan in Colorado, which covers 80% of medical costs.
It is important to note that these prices are based on the information available and may not be the most up-to-date. Additionally, you may be able to qualify for financial assistance or discounts based on your income or life circumstances. Colorado also has insurance options available through private companies, Medicaid, and Medicare.
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How age affects monthly health insurance costs
The cost of health insurance in Colorado varies depending on age, income, and coverage level. While the Silver plan is the most popular type of plan in Colorado, there are other types of plans, such as Bronze, Gold, Platinum, and Catastrophic, which indicate how high your monthly premium is versus your out-of-pocket costs. Generally, older people pay higher health insurance rates than younger people. This is because older people are more likely to have health conditions and file insurance claims.
For example, in Colorado, an 18-year-old pays $352 monthly for a Silver plan, while a 60-year-old pays $1,046 for the same plan. That's a difference of $694. Similarly, the average health insurance cost is $444 per month for 18-year-olds and $498 per month for 26-year-olds. By age 70, the cost of health insurance usually starts at $185 per month for Original Medicare and can total more than $400 per month for the best Medicare Supplement plans.
In the United States, the federal government has implemented rules to ensure that insurance companies cannot charge older adults drastically more than younger policyholders. For example, individuals aged 64 and older cannot pay more than three times the base rate, which is the premium for a 21-year-old. Rates gradually increase as a policyholder ages, with the most significant increase occurring after age 50.
However, it is important to note that age is not the only factor influencing health insurance costs. Other factors include location, tobacco use, the number of insured individuals, and the plan category. Additionally, some states, such as New York and Vermont, do not allow health insurance companies to use age when setting the cost of insurance plans.
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The average monthly premium for a middle-aged resident
The cost of health insurance in Colorado depends on several factors, including age, income, and coverage level. The average monthly premium for a middle-aged resident can vary depending on the specific plan chosen and the benefits included.
In 2020, the average monthly premium for a gold plan was $385, while a bronze plan was 38% cheaper. This is a significant decrease from 2018, when the average gold plan cost $540 per month. It's worth noting that gold plans cover 80% of medical costs, while bronze plans cover 60%. The bronze plan is a more affordable option with lower monthly payments but a higher deductible, making it suitable for those who rarely visit the doctor.
The Silver plan is the most common type of health insurance in Colorado, offering a balance between costs and coverage. The RMHP Monument One Colorado Option Silver, offered by Rocky Mountain Health Plans, is the most affordable Silver plan at $412 per month.
For context, a 40-year-old with a Bronze plan would pay $355 per month, while the same person with a Gold plan would pay $460. A Silver plan for an 18-year-old costs $352 per month, while a 60-year-old pays $1,046 for the same plan.
Colorado also offers Medicaid and Medicare, with Health First Colorado being the state's Medicaid program. Additionally, residents can purchase health insurance from private companies or brokers, and those who qualify may receive financial assistance through Connect for Health Colorado.
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The most affordable health insurance plans from each metal tier
The cost of health insurance in Colorado depends on various factors, including age, plan type, and metal tier. Metal tiers represent different levels of cost-sharing between the insurer and the policyholder. Bronze plans typically have the lowest premiums but the highest out-of-pocket expenses, while higher-tier plans like Gold and Platinum offer more coverage and lower out-of-pocket costs. Here is a breakdown of the most affordable health insurance plans from each metal tier:
Bronze Tier
The Denver Health Medical Plan offers the most affordable Bronze plan, with the Elevate Health Plans Bronze HDHP costing $297 per month. This plan is available in nine historically underserved counties in Colorado, including Archuleta, Park, and Dolores.
Silver Tier
The most affordable Silver plan in Colorado is the RMHP Monument One Colorado Option Silver offered by Rocky Mountain Health Plans, costing $412 per month. This plan strikes a balance between costs and coverage, making it the most common plan type in the state.
Gold Tier
Denver Health Medical Plan offers the most affordable Gold plan in Colorado. While the exact price is not specified, Gold plans generally have higher premiums than lower tiers but offer more comprehensive coverage and lower out-of-pocket expenses.
Platinum Tier
Although not specific to Colorado, Platinum plans are the highest metal tier available. These plans offer the most coverage and the lowest out-of-pocket costs. As a result, they typically have the highest premiums.
It is important to note that these prices may not include all available discounts or subsidies. Additionally, the cost of health insurance can vary based on individual circumstances, so it is recommended to seek personalized quotes to determine the most affordable plans for your specific needs.
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Medicaid and Medicare in Colorado
Colorado's Medicaid program is called Health First Colorado. It covers doctor visits, hospital stays, emergency room and urgent care, prescription drugs, dental services, behavioural and mental health services, x-rays and blood work, well-child visits, maternity care, newborn care, and more. Health First Colorado has been the official name for Colorado Medicaid since 2016. Enrollment is open year-round, and you can apply online, in person, by phone, or by mail.
Colorado's income limits for Medicaid eligibility are as follows:
- Children up to age 18: Up to 147% of FPL to qualify for Medicaid.
- Children up to age 18 who aren’t eligible for Medicaid can qualify for Child Health Plan Plus (CHP+; Colorado’s CHIP coverage) with a household income up to 265% of FPL.
Colorado's state-run health insurance exchange, Connect for Health Colorado, connects with PEAK, so you can enrol in Medicaid or CHIP via the exchange website, in person, by phone, or by mail. Connect for Health Colorado may also help you meet the insurance requirement and qualify for financial assistance outside of open enrollment if you have experienced a qualifying life event such as losing your job-based coverage, getting married, or having a baby.
Medicare is a government-funded healthcare program aimed at residents 65 and older. It also targets seniors, people with disabilities, pregnant women, and
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Frequently asked questions
The cost of medical insurance in Colorado varies depending on age, income, coverage level, and plan category. For example, an 18-year-old pays $352 monthly for a Silver plan, while a 60-year-old pays $1,046 for the same plan. The most affordable option in the Silver tier is the RMHP Monument One Colorado Option Silver offered by Rocky Mountain Health Plans at a monthly cost of $412.
The cost of medical insurance in Colorado is influenced by factors such as age, income, and the type of plan selected. The plan category, such as Bronze, Silver, or Gold, also impacts the monthly premium.
In Colorado, you can find plans categorized into metal tiers: Bronze, Silver, and Gold. Bronze plans typically have lower monthly premiums but higher out-of-pocket expenses. Silver plans are the most common and offer a balance between premiums and coverage. Gold plans have higher premiums but cover a larger portion of medical costs.
There are several options for obtaining medical insurance in Colorado. You can purchase insurance from private companies or brokers, all of which have been reviewed by the Colorado Division of Insurance. Colorado also offers Health First Colorado, the state's Medicaid program, which provides coverage for a range of services, including doctor visits, hospital stays, prescription drugs, and more. Additionally, Connect for Health Colorado is a marketplace where residents can shop for plans and may qualify for financial assistance.
