Colorado’s Marketplace (www.connectforhealthco.com ) is in the process of updating its rates and plan offerings for plan year 2024.
As you prepare for your family’s health insurance for the upcoming year, there are some important considerations to keep in mind:
- Premium rate increases for 2024 will vary depending on your specific location within Colorado. For instance, in the front range, most Anthem plans are set to see increases of over 15%. Meanwhile, Cigna and RMHP (United Healthcare) are projecting increases in the 8-9% range, and Kaiser anticipates an increase of over 10%. As for the rates of the newcomer to Colorado, Select Health, they are not yet available.
- The positive news is that for those already enrolled in a subsidized plan (or seeking one), the increase in subsidy allowance for 2024 should effectively offset the rate increases proposed by each carrier. Depending on the plan you select, whether it’s Bronze, Silver, or Gold, you may discover that your subsidy (tax credit) covers a larger portion of your retail premium cost.
- For individuals who do not qualify for a federal subsidy due to their income, off-Marketplace plans offer a viable option. This typically applies to younger individuals and couples with incomes exceeding $50,000 for individuals or up to $100,000 for young couples. PPO plans with good-health discounts and additional features supporting an active lifestyle, such as supplemental accident riders, may present a more beneficial option based on your specific circumstances.
- Finally, early retirees and older self-employed individuals or couples will continue to benefit from the higher income threshold established by the Inflation Reduction Act of 2022. For instance, a couple in their 60s can still qualify for nearly $650 per month in tax credits to offset the cost of a Marketplace plan, even if their modified adjusted gross income (MAGI) for tax year 2024 is projected to be $150,000 or more. In the mountains, the subsidy amount is roughly double, exceeding $1,200 per month for a couple with $150K in income, given the higher costs of mountain health insurance.
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