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More people receive financial help for their health insurance 2024

SECURE YOUR COVERAGE BEFORE DECEMBER 15 AND START HEALTHY IN 2024

Newsroom El Comercio de Colorado

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Through January 15, 2024, Colorado residents have the opportunity to register for the first time or renew their health program within the local Connect For Health Colorado marketplace. Those who register before December 15 will have coverage from January 1, 2024. Meanwhile, those who register between December 16, 2023 and January 17, 2024 will be covered from February 1, 2024.

The federal government has been increasing tax assistance for insurance premiums since 2021. This assistance has been extended through 2025. Connect for Health Colorado will automatically determine eligibility and apply credits upon enrollment. Additionally, those who qualify for a tax credit may also be eligible for a reduction in cost sharing, available through a program funded by the state of Colorado.

Additional reductions in Colorado

If you qualify for a tax credit, you may also qualify for a reduction in cost sharing. Colorado increased the income limit to qualify for health care savings to 250 percent of the federal poverty level, up from 200 percent in 2023. This means a single person earning $36,450 or a family of four Those who earn $75,000 now qualify for greater discounts to cover out-of-pocket expenses.

This new regulation means significant savings. Out-of-pocket costs include deductibles, coinsurance, and copayments for covered services. At the same time, starting January 1, 2024, adult children included in health policies will receive coverage for the entire calendar year in which they turn 26 years old. Previously, coverage ended on the adult child’s 26th birthday.

In person, by phone and online

To complete the enrollment process, it is recommended that you visit Connect for Health Colorado, the state’s Affordable Care Act (ACA) marketplace. You can receive care in person or you can contact program counselors by phone or online. Eligibility to purchase health insurance extends to virtually all Colorado residents. You can consult the advisors about the details of your eligibility.

The registration process is carried out through an application, where the coverage for which the applicant qualifies is determined. Those who qualify for private coverage can select a plan and enroll immediately. Coverage and costs depend on where you live, the type of plan chosen, household income, family size, and ages of family members.

The coverage

Connect for Health Colorado plans cover essential health benefits, including emergency and hospitalization services, maternity and newborn care, mental health services, and substance use disorders. At the same time, all programs include outpatient hospital care, pediatric services, including dentistry and vision, prescription medications and preventive care.

Insurance companies cannot deny coverage due to pre-existing conditions. By applying, you can identify your medical needs and choose a plan that makes financial sense for you and your family. All Connect for Health Colorado coverage plans include basic dental and vision services for children, but adults who want dental and vision insurance should add these plans to their policy.