DENVER (KDVR) — Open enrollment begins Saturday, and with no deal on healthcare subsidies in Congress, some premiums are set to soar.
An expert with the state’s healthcare market shared some tips about what Colorado enrollees should do differently this year.
People using the state’s marketplace, Connect for Health Colorado, are likely to see a big spike in their premium costs. Experts say there is help to guide you to a better plan.
“This is a year with a number of changes coming. Particularly, coming from the federal level,” said Nina Schwartz, chief policy and external affairs officer at Connect for Health Colorado.
With no deal in Congress, the enhanced premium tax credits designed to keep premiums low on the individual healthcare market, like Connect for Health Colorado, enrollees could see major cost increases.
“The enhanced premium tax credits, passed first by Congress in 2021, will expire at the end of 2025. So this means many of our customers will see increases as much as 100 percent, a doubling of their premium,” Schwartz said.
People who make up to 400% of the federal poverty line and around 1,800 lawfully-present immigrants living below the poverty line are also set to be ineligible for the credits next year after the one big beautiful bill act passed in July.
As Congress continues to grapple with how to move forward, time is running out for people looking to decide on their insurance by the end of the year. Connect for Health Colorado has an online tool on its homepage ready to help people find the best option for them. Schwartz walked FOX31 through it using “Jane Doe” as an example.
“You can click and just type in some very basic information: about the size of your household, where you live, a rough estimate of your income, and it will give you the list of the plans in your area and the financial help you might be able to qualify for. Since we all know health insurance is really complicated, it. will immediately tell you how to connect with one of our free enrollment brokers around the state. In-person, virtual, whatever works best,” Schwartz explained.
“[Jane] can see kind of the least expensive to the most expensive, she can see if it’s eligible to use with a health saving account, the deductible, which one of the six insurance companies on the exchange, if she knows she wants to go with a particular issuer, she can select that here in the filters on the side,” Schwartz added. “So, these are all just a sampling of the options and shows the amount that the customer would actually pay with the state and federal financial help.”
Schwartz said you should check your renewal letter once you get it and make sure the plan still aligns with your healthcare and financial goals. If it does not, you should explore your options.
“Shop, please do not assume that the plan that you see on your renewal letter is the best plan for you. Take the time to see what else is there. Those costs and the different plans, there are some changes every year. You do not have to do this by yourself, you can work with a certified broker or sister in your community who will work for free, in your community and help you look at all the different options,” said Schwartz.
Connect for Health Colorado has representatives in each county standing ready to help.
Schwartz said if a deal is made in Congress, they will make sure customers can access savings from the credits.
Anthony Sutton is a business strategist and writer with a passion for management, leadership, and entrepreneurship. With years of experience in the corporate world, he shares insights on business growth, strategy, and innovation through management-opleiding.org.
