With the Affordable Care Act getting implemented in phases, Coloradoans now have to spend less on their healthcare premiums. The rate of premiums is expected to decrease by about 14- 20 % when the health reforms are implemented. This translates into paying only $ 1510 – $ 2160 as premium for a family of four.
There are a few explanations for this decline in the premiums –
a) It covers more people, reforms the market and thus increases the market competition
b) It saves on administrative charges
c) Hidden costs (meant to pay for the uninsured) are further distributed as more and more residents of Colorado get enrolled in health plans.
The health reforms will bring other advantages too to Colorado. Here is a preview at a few of them:-
- 500,000 uninsured residents of Colorado will have medical polices after the new health reforms are in place. Currently, the estimated number of uninsured residents is between 750,000- 770,000.
- 90,800 small businesses in the state will be provided with tax credits that would make it cheaper for employers to offer insurance to their workers. Small businesses at present pay about 18 % more than large ventures for the same coverage.
- A $5 billion temporary fund will ensure that the firm provides coverage to all those who have retired early. Companies, unions, state and local governments will be eligible for the benefits which help more than 62,700 people.
- 18,600 young Coloradoans will have affordable access through the coverage of their parents. Insurers must allow unmarried children to stay in their parents’ coverage till they turn 26.
- There would be no lifetime limits on the coverage provided. This will save 2.9 million residents of Colorado from huge medical bills and out-of pocket expenses.
- Colorado has access to 90.3 million federal dollars to help uninsured residents with pre-existing medical conditions purchase health plans. This high-risk pool program will be run by the central administration if the State chooses not administer it.
- Children will not be denied health plans on the basis of their existing medical conditions.
The Act also gives people the freedom to keep a health plan if they like it. Prior authorization will not be needed for emergency care or when women in Colorado consult an ob-gyn.
The Act will also fund Community Health Centres and National Health Service Corps, to serve the underserved population of Colorado.
The state will also extend Medicaid to all low-income population, irrespective of age, disability or the family status.
The new health reform plans will make coverage more affordable and make the insurance market more competitive in Colorado.
Point to remember while buying Low Income health insurance quotes in Colorado
Getting health insurance Colorado has never been easier-the advent of online technology has erased the time wasted in travel, phone calls, etc. Instant quotes are provided by health insurance portals and platforms. What more, these online platforms also provide comparison of health insurance quotes for Low Incomes, who want to shop around a bit, before buying any health insurance policy in Colorado.
On a general note, while looking for Low Income health insurance Colorado, following information might be asked by the online platform:
- The gender of the applicant
- Date of birth of the applicant
- Height and weight of the applicant
- Any drinking or smoking habits?
- Any pre-existing medical condition?
- Any existing health insurance policy?
While comparing health insurance Colorado, it is important to pay attention to the level of medical coverage provided. This is basically what you need against what you are getting. If a consumer is not sure about what he/she should look before deciding on a particular Low Income health insurance Colorado, talking to an insurance agent/broker is a good idea. At the same time, talking to some friends or colleagues, who already have a Low Income health insurance policy, is also very helpful.
