2024 Election Guide
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DENVER - Open enrollment for health insurance for the individual market - meaning for people that don’t get their health insurance from an employer or a government program - starts today, Friday, November 1. The Colorado Division of Insurance encourages everyone to take the time to review the health insurance plans available for 2025 and determine what financial assistance might be available to them.
“I encourage Coloradans to take advantage of Open Enrollment and find a plan that works for you and your family. In Colorado, we continue working to save people money on their health care and breaking down barriers to access. Sign up now,” said Governor Polis.
“Ensuring affordable, quality health care for every Coloradan has been a cornerstone of our administration," said Lt. Governor and Director of the Office of Saving People Money on Health Care Dianne Primavera. "This Open Enrollment period is an opportunity for individuals and families across every corner of our state to access the coverage they need."
“Health insurance is absolutely vital in keeping people and their families healthy,” said Colorado Insurance Commissioner Michael Conway. “Across the state, there are many plans available, including Colorado Option plans that offer lower premiums along with $0 and low-cost benefits. And many people will qualify for financial help to make their insurance more affordable. I encourage everyone to take advantage of open enrollment and sign up for health insurance for 2025.”
Using the state’s marketplace, Connect for Health Colorado, people can shop, compare plans and determine what financial assistance will be available by using their Quick Cost and Plan Finder Tool. Coloradans who no longer receive healthcare coverage through Medicaid should review their coverage options during the open enrollment period.
Reinsurance Program Savings
Colorado’s Reinsurance Program continues to deliver savings for people buying their insurance on the individual market. For 2025, the program is estimated to save Coloradans 23.8% on their premiums, equal to nearly $493 million ($492,847,3512). For a 40-year-old individual, that means an average savings over $1,500, and for a family of four, up to $5,800 in savings. In many counties in the western half of Colorado, Reinsurance Program savings are more than 40%. Consumers who purchase individual health insurance plans receive these premium reductions automatically - they do not need to sign up for the program to get its benefits.
Save Money with Colorado Option Plans
For 2025, Colorado Option plans will again offer significant savings for enrollees, as Colorado Option plans will be the lowest or the second lowest-cost plan in over 90% of Colorado counties next year for Bronze and Silver plans. For Gold plans, Colorado Option plans will be the lowest or second lowest-cost plan in every county in the state.
On top of those savings, someone currently enrolled in an average cost, non-Option plan for 2024 who switches to a 2025 Colorado Option plan in the same metal tier (bronze, silver, gold), could see significant savings. A 40-year-old switching to the lowest cost Colorado Option plan could save up to $225 a month, or nearly $2,700 for the year (depending on where they live in the state). A family of four making the same change could realize savings of $800 a month, or nearly $10,000 for the year. These Colorado Option savings add up to $235 million if everyone in the individual market made this switch.
Take the Time to Shop and Find Savings
With 219 plans available across Colorado for 2025 in the individual market, plus all of the available financial assistance, it is important that Colorado consumers take the time to shop and compare plans available as well as determine how much assistance would be available. Remember, the expanded eligibility for assistance available that was created by the Inflation Reduction Act is still in place, so if it’s been some time since you checked what assistance you might qualify for, it is time to check again at the Connect for Health Colorado’s Quick Cost and Plan Finder Tool.
Open Enrollment lasts until January 15, 2025. However, to have health insurance coverage in place by January 1, 2025, people will need to be enrolled by December 15, 2024. For people who complete their enrollment between December 16, 2024 and January 15, 2025, health insurance will start on February 1, 2025.