Nothing sparks a debate in mixed company faster than a discussion about health insurance; however, this is a topic that everyone should have basic familiarity with. Health insurance coverage gives people access to doctors and necessary treatment without the fear of facing large medical bills in the aftermath.
In Colorado, like the rest of the country, health insurance costs are on the rise. However, with the help of a local independent insurance agent, you can find an affordable policy that is appropriate for you and your family. Talk to an insurance agent near you to learn more.
Facts about Health Insurance in Colorado
As of 2017, 93.5% of all Colorado residents had health insurance.
Of these, 58.1% were covered by private insurance.
- 49.4% had coverage through an employer.
- 8.7% purchased coverage on their own.
35.4% of those insured were covered by public insurance.
- 14.4% were covered by Medicare.
- 21.0% were covered by Medicaid or the Children's Health Insurance Program.
Why Buy Health Insurance?
Having health insurance coverage can contribute greatly to your overall health and outlook. Thanks to having coverage for preventive care such as immunizations, age-appropriate tests such as colonoscopies, and treatment for various ailments ranging from strep throat to cancer, many people in Colorado are living long and healthy lives.
Health Insurance for Individuals
Some people are able to get health insurance for themselves and their spouse and children through an employer-subsidized plan. Smaller companies, however, are not required to offer this coverage to their employees. If you do not have access to insurance through your job, you will need to purchase it on your own. This is where an independent insurance agent an help.
When it comes to buying a health insurance policy, you have two choices. You can:
- Buy it directly from a private insurer
- Buy it through Connect for Health Colorado®, the state's official health insurance marketplace
A local independent insurance agent can help you decide which is the better choice for you and can help you choose an appropriate policy that meets your coverage and budgetary needs.
Health Insurance for Businesses
If you are a business owner in Colorado, you can purchase health insurance coverage for your employees. In this case, you would pay a significant portion of their costs, and your employees would pay the remainder.
There are advantages to offering your employees great benefits like health insurance, life insurance, and paid time off for vacations and sick days. Doing so makes you a more attractive employer and enables you to recruit and retain a talented staff of employees. Studies have also demonstrated that employees who have health insurance use up fewer sick days.
A local independent insurance agent can assist you with all of your businesses insurance needs, including finding the best healthcare coverage for your employees.
What Are the Different Types of Health Insurance Coverage?
Not all health insurance plans are the same. It is therefore important that you review the coverage offered by each, including how much prescription coverage is offered, before you make a selection. The least expensive policy isn’t necessary the one that offers the best value.
There are four main types of health insurance available:
- Health maintenance organization (HMO): With an HMO plan, you are required to receive all of your medical care through doctors in the health network in order to be covered. In most cases, your primary care doctor must provide you with a referral to a specialist before your care will be covered.
- Preferred provider organization (PPO): A PPO offers more flexibility than an HMO. You have the option of seeing doctors outside your network. When you have a PPO, you do not need to get a referral before seeing a specialist.
- Point-of-service plan (POS): This is a hybrid of HMO and PPO plans. It enables patients to choose whether to use the HMO- or PPO-type plan every time they receive service.
- High deductible health plan (HDHP): Also known as a catastrophic coverage plan, this is usually only available to people under the age of 30. It is a low-cost health care plan that allows preventive services and a limited number of primary care doctor visits, but you would pay for everything else until you reach your deductible, which is generally very high. This means high out-of-pocket costs will be significant, but if you end up with a long hospital stay or a disease like cancer, your costs will not be catastrophic.
How Can an Independent Insurance Agent in Colorado Help?
There are more than 250 independent insurance agents with offices in Colorado. These agents are committed to helping people in their communities find the best and most affordable insurance products. This includes health insurance.
If you are interested in reviewing your healthcare coverage options with a dedicated insurance professional, contact an independent insurance agent near you to start comparing customized quotes.
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