Colorado: Consumer Advisory: Open Enrollment starts Nov. 1 - Compare Options and Find Out How You Can Save

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DENVER ~ Denver, CO - As open enrollment for health insurance in the individual market begins today, Friday, November 1, the Colorado Division of Insurance is urging residents to take advantage of this opportunity to review their options and determine what financial assistance may be available to them.

Governor Jared Polis is also encouraging Coloradans to participate in open enrollment and find a plan that best suits their needs. "In Colorado, we are committed to making healthcare more affordable and accessible for all. I urge everyone to sign up now," said Governor Polis.

Lt. Governor and Director of the Office of Saving People Money on Health Care Dianne Primavera echoed this sentiment, stating that ensuring affordable and quality healthcare for every resident has been a top priority for the administration. She emphasized that open enrollment is a chance for individuals and families across the state to access the coverage they need.

Colorado Insurance Commissioner Michael Conway stressed the importance of health insurance in keeping people and their families healthy. He highlighted the variety of plans available through the state's marketplace, Connect for Health Colorado, including Colorado Option plans that offer lower premiums and $0 or low-cost benefits. Additionally, many individuals may qualify for financial assistance to make their insurance more affordable.

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One program that has been delivering significant savings for those buying insurance on the individual market is Colorado's Reinsurance Program. For 2025, it is estimated to save Coloradans 23.8% on their premiums, equaling nearly $493 million. This translates to an average savings of over $1,500 for a 40-year-old individual and up to $5,800 for a family of four. In some counties in western Colorado, these savings can be even higher at over 40%. Consumers do not need to sign up for this program as they will automatically receive these premium reductions when purchasing individual health insurance plans.

Another way individuals can save money is by enrolling in Colorado Option plans. These plans will be the lowest or second lowest-cost option in over 90% of Colorado counties for Bronze and Silver plans, and the lowest or second lowest-cost option in every county for Gold plans. By switching from an average cost, non-Option plan to a Colorado Option plan in the same metal tier, a 40-year-old individual could save up to $225 per month, while a family of four could save up to $800 per month. These savings add up to $235 million if everyone in the individual market makes this switch.

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With 219 plans available across Colorado for 2025, it is crucial for consumers to take the time to shop and compare their options. This includes determining how much financial assistance they may be eligible for. The expanded eligibility for assistance under the Inflation Reduction Act is still in place, so it is important for individuals to check again using Connect for Health Colorado's Quick Cost and Plan Finder Tool.

Open enrollment will continue until January 15, 2025. However, those who wish to have health insurance coverage starting on January 1, 2025 must enroll by December 15, 2024. For those who enroll between December 16, 2024 and January 15, 2025, coverage will begin on February 1, 2025.

In conclusion, open enrollment presents an opportunity for individuals and families in Colorado to find affordable and quality health insurance coverage. With various programs and financial assistance available, it is important for residents to take the time to review their options and make informed decisions about their healthcare needs.

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