Colorado Health Insurance Exchange

Health Insurance Exchange

The primary objective of the Colorado Health Insurance Exchange website is for individuals and small business owners to find out if they meet the qualifications to participate in the Federal government’s subsidized medical insurance plan or a Medicaid. If they find that they meet the minimal qualifications, they can compare the plans and complete the process online.

This was designed to make shopping for quality health coverage much simple for both the consumer and small businesses. At the present, those who buy insurance independently or work for a company with 100 or fewer employees do not have the same choices as those employed by a large corporation.

Under the Colorado Health Insurance Exchange, the goal is to provide quality medical coverage to about 300,000 person that do have medical insurance

The Affordable Care Act (ACA), colorado health insurance exchanges created by the state will serve two purposes –

To organize the marketplace so that individuals and businesses can fully understand their coverage choices.
To utilize federal aid programs so that eligible persons can afford health insurance.

Effective January 2017, businesses that have more than 100 employees will be allowed to get insurance through health care exchanges.

The Colorado Health Insurance Exchange will serve five functions:

Ensure the certification of health plans so that minimal benefit standards are met.
Provide a toll-free Customer Service phone line and website that gives standard information about the plans.They will also assist individuals and small businesses in the purchase and enrollment in the certified plans.
Utilize a standard rating system as a quality assurance tool.
Provide assistance in accessing cost-sharing subsidies and premiums to qualifying individuals and small businesses.
Provide access to federal-subsidized programs such as Medicaid, Medicare, and Child Health Plan Plus.

The plans are divided into four categories in addition to a separate catastrophic plan that is offered through the ACA. These plans will provide up to 90 percent coverage, depending on the selection. The benefits, premiums, and other expenses will also vary by the plan chosen.

The levels of coverage are as follows –

The Bronze package provides the minimal coverage, which is 60 percent.
The Silver package covers 70 percent.
The Gold package covers 80 percent.
The Platinum package offers the highest level of coverage at 90 percent.
The Catastrophic Plan is intended for individual under the age of 30 years or those under the age of 35

who are exempt from the state requirement to purchase a health care plan because the premium is more than eight percent of their household income. The Catastrophic Plan must provide first-dollar coverage, without cost sharing, for at least three visits with a primary care physician.

This is not scheduled to go into effect until the later part of 2013.In the meantime, you can view and compare rates on Colorado health insurance exchange plans from a reputable company such as Rocky Mountain Health Brokers. They will more than happy to provide a quote or answer any questions you may have.