I. Colorado Health Insurance for Individuals
Individual health insurance in Colorado is typically medically underwritten (you must qualify for health insurance or otherwise be insurable). Because of this, individual health insurance is generally less expensive than Colorado group health insurance (which is guaranteed issue for small groups).
You can get quotes, compare plans, and apply for Colorado health insurance online.
Step 1 - Decide what type of plan you want
Are you looking for a full coverage plan with copays for office visits and prescriptions? Or, are you willing self insure to some extent by choosing a higher deductible plan and adding a Health Savings Account (HSA) to help with the out of pocket costs?
Generally, HSA plans are the best choice because these plans are very affordable and you can invest the premium savings of 20% to 60% in your own personal HSA bank account. That way you have the money if you need it, but if you don't, it grows tax free with interest. When you do need this money, it is tax free so long as you spend it on qualified health related expenses (for example, your deductible).
Step 2 - Run Quotes and Compare Plans
Getting quotes couldn't be easier. Simply enter your basic contact information, answer a few questions, and less than 30 seconds later your quotes are ready to review. You can narrow down the plans by type of plan, price, deductible, etc. If you have any questions or need any help deciding we are just a phone call away!
Step 3 - Apply Online
The application process is also very simple and can be completed online. Simply click the "Apply" button that corresponds with the plan you have selected. If you have any questions, just give us a call and we will help!
If you are looking for expert consulting and service that goes beyond the sale, you are at the right place. Sage Benefit Advisors has been offering Colorado health insurance for over 9 years and our advisors have over 40 years of combined experience. We guarantee your satisfaction.
Call today to speak with one of our expert advisors!
970.484.1250
II. Colorado Group Health Insurance
Group health insurance in Colorado is broken down into four categories:
- Small Group Health Insurance (2-50 employees) - Guaranteed Issue.
- Business Groups of One (1 employee) - Restrictions Apply. Call for Details.
- Large Group (greater than 50 employees) - Not Guaranteed Issue.
- Self Insured Groups - Not Recommended for Small Groups.
Colorado small group health insurance is guaranteed issue, meaning that employees cannot be excluded from participating based upon pre-existing conditions. However, insurance companies can impose a "pre-existing condition waiting period" for employees that enroll without having prior coverage. The reason that insurance companies do this is to encourage Coloradoans to maintain continuous health insurance coverage as opposed to just hopping on a group insurance plan when you need it (i.e. when you are sick, pregnant, or otherwise require medical care). This helps to keep costs down for everyone.
There are two trends in Colorado group health insurance that you, as a buyer, should be aware of:
1. Offer Choices - Thankfully, more and more insurance companies are allowing employers to offer multiple options to their employees. This is important because every employee's situation is unique. Some require a lot of medical services. Some don't. Some are young. Some are old. Some have families. Some can afford the premiums associated with a "rich" plan. Others can't. As such, we at Sage Benefit Advisors recommend that our clients offer employees choices. We then consult with each and every individual employee to help them make the best decision based upon their unique circumstances. Often times, employees cannot afford to cover their dependents on their employer's group health plan. In these situations, we can help to secure affordable individual health insurance for these dependents (subject to underwriting) saving the employee and their family hundreds of dollars per month.
2. Health Savings Account (HSA) Plans are a Good Value Right Now - We review and analyze dozens of group health proposals every month and there is no argument -- HSA plans are hot right now. We almost always include HSA options when we are presenting proposals/renewals to our group health insurance clients. Premium savings range from 20% to 60% off their co-pay counterparts. In addition, the out-of-pocket maximum on HSA plans is often LOWER than these other plans. So, you can get lower premiums, lower overall risk/out of pocket expenses, and you get a tax advantaged savings opportunity to boot. Again, every individual's situation is unique but, on balance, we continue to see HSA plans being adopted at a greater rate than traditional co-pay plans.
We Are Here to Help!
If you are interested in Colorado group health insurance quotes and or a free group health insurance consultation, we are here to serve. Please know that we don't just sell group health insurance. Our service goes way beyond the sale. We assist with adds and terminations from the plan. We prepare custom employee benefit handbooks. We consult with the individual employees, We offer ongoing support and assistance including annual reviews to ensure that you are getting the best value possible.
Call today to speak with one of our expert advisors!
970.484.1250
