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With many options available for health insurance, people need to know the differences between the types of plans that are available, what is available, and what the pros and cons of each are. Health insurance in Colorado offers many short-term health insurance plan options, in addition to the Affordable Care Act-compliant plans. Designed to help people who are in between jobs, waiting for their group coverage to start, or looking for more affordable health insurance options, short-term health insurance can be a fantastic choice. Get the information you need to have about short-term health coverage in Colorado here, and utilize the tools here to get free quotes on health insurance for the best short-term insurance plans available.
Short-term insurance in Colorado is only available for limited periods of time. With policies that can be up to six months long, starting in 2019, the regulations in the state require short-term plans to include a medical loss ratio of at least 80%, as well as coverage for all of the Affordable Care Act essential health benefits. This is above and beyond other state mandated benefits. A short-term health insurance policy in Colorado does not provide portability. This means that the treatment you have received before the effective date of your short-term policy will not be covered, whether it is charges for consulting a healthcare professional, prescription drugs, medical treatment that you have received, treatment for injuries or sickness, or other charges.
One of the best ways to save money on short-term health coverage is to comparison shop. Figure out what your needs are, including how many months you will need short-term coverage. Compare top health insurance plans, as well as the best health insurance companies. Each company weighs the variables that are used to determine premium costs differently, so pricing can vary from one health insurance carrier to the next.
Other things people should know about short-term plans in Colorado is that premiums for older enrollees are capped at three times the cost of premiums for enrollees that are younger. Also, short-term coverage in Colorado has to be guaranteed issue. Lastly, be aware that pre-existing conditions can be excluded. They can only be excluded, however, if they were diagnosed, treated, or symptomatic, within the 12 months prior to purchasing the policy.
Colorado short-term insurance plans have always been regulated. That said, over the last few years, the regulations have tightened some. This means there are fewer insurance providers to offer short-term plans in the state. The options for short-term health insurance plans where you are in the state may be very limited, or nonexistent.
As of April 2019, no insurance companies were offering health insurance plans in the state of Colorado. Long-standing rules in the state prevent short-term plans from lasting more than six months, and short-term plans cannot be issued to people who have had coverage under more than one short-term plan in the previous 12 months. These long-standing rules, when combined with newer rules that require ACA essential benefits to be covered, as well as state-mandated benefits, with plans also needing to be guaranteed issue, many companies have decided not to offer plans in the state.
Companies that have been offering short-term plans include Everest and Everest Prime. These companies, as well as other companies that have offered short-term plans, including Independence American, National General, and LifeShield, may be rolling out short-term plans again, so check back often and get free quotes for the companies that do offer short-term plans as they appear again. Also, keep in mind that you can get the best prices for health insurance policies available that are ACA compliant using the free quotes tool on this website.
Remember also that some people do look into alternative health care savings options, like primary care memberships, health savings accounts, and other available programs. Bookmark this page and check back often for more information on saving money on health insurance and healthcare costs.
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