If your employer does not offer health insurance, then beginning in 2014 you will be eligible to purchase your Colorado health insurance from the Colorado Health Insurance Exchange.
What is the Colorado Health Insurance Exchange?
Colorado’s health insurance exchange will be a competitive and transparent marketplace where you can purchase health insurance (even if you have pre-existing conditions). Health insurance plans sold through the Colorado health insurance exchange will have to meet certain benefit and cost standards as required in the Affordable Care Act. Sage Benefit Advisors will have access to and will be able to support all health insurance plans offered in the Exchange.
Health Insurance Tax Credits for Colorado Families
If you are not eligible for other affordable health insurance, starting in 2014 you may be eligible for Advance Premium Tax Credits to help you pay the premiums for insurance purchased through the Exchange. In order to qualify, your income needs to be between 133% and 400% of the poverty line (roughly less than $45,000 for an individual or $90,000 for a family of four). This tax credit is advanceable, meaning that you can start taking advantage of it immediately in 2014 without having to wait for tax time. This being so, the tax credit amount will be estimated based upon your projected income for 2014. The actual tax credit will be trued up with your actual income when you file your 2014 tax return. So, just like you manage your withholding’s it is best to be conservative when estimating your income so that you don’t get hit with a big tax bill because you underestimated your income.
In addition to the Advance Premium Tax Credit, lower income families may also be eligible for other “cost-sharing reductions” (i.e. lower co-pays, deductibles, and co-insurance). While this is part of the Affordable Care Act, the details of how this cost-sharing reduction program will work are still to be determined. It is likely that there will be plans designed specifically for this demographic (rather than some onerous reimbursement process administered by the federal government).
Purchasing Colorado health insurance from the Health Insurance Exchange will be one of the ways that you can comply with the health insurance mandate as required in 2014 by the Affordable Care Act.
The Colorado Health Insurance Exchange should be online for the open enrollment period beginning in October of 2013. Until then, and even after that time, Sage Benefit Advisors WILL be able to help you to enroll in the best health insurance plan for yourself, your family, and/or your business (i.e. Colorado Group Health Insurance). If you have any questions, please call us at 970.484.1250.
If you would like to review Colorado health insurance quotes right now, with no obligation, please feel free to use our Colorado Health Insurance Quoting Tool.
