Health is wealth, or so goes the saying. That saying isn’t off the mark: Medical care costs constantly rise, and an ailment or accident can set you back financially.
Health insurance puts your mind at ease by guaranteeing your bills will be paid. With numerous choices, choosing the right health insurance can be challenging. This article compiles a list of Colorado’s top cheap health insurance choices and their benefits and drawbacks to help you decide.
Top Cheap Health Insurance in Colorado
Choosing health insurance in Colorado can be a daunting task with multiple choices. Here are some top plans you can consider.
Beem
Beem is an app offering various financial services. Its customers can access a marketplace for affordable health insurance solutions. Beem partners with top insurance providers, such as Allstate, to provide the best coverage for their needs.
| Pros | Cons | Monthly Cost | Out-of-Pocket Costs | Deductibles |
| Affordable monthly premiums. Comprehensive coverage options. Easy access to online tools and resources. | Out of pocket expense can be high | Varies based on your plan. You can find coverage options costing as low as $2.80 a month | Depends on the coverage you have chosen. It can range from $6,000 to $10,000 annually. | Deductibles depend on the insurance and type of plan you have selected. It can range between $3,500 and $9,500 |
Kaiser Permanente
Kaiser Permanente offers a combined care package, which means doctors, hospitals and health plans are connected to provide you with a complete package. They offer various plans based on your needs, so you get the right plan.
| Pros | Cons | Monthly Cost | Out-of-Pocket Costs | Deductibles |
| Extensive network of doctors and hospitals. High customer satisfaction ratings. Integrated healthcare services | Limited availability in rural areas. Higher premiums for lower-deductible plans | Can be around $348. However, it can go higher based on your age. | Out-of-pocket maximums range from $5,000 to $7,500. | Deductibles are generally between $1,500 and $3,000, depending on the plan. |
Anthem Blue Cross Blue Shield
Anthem with Blue Cross Blue Shield offers a variety of solutions for individuals and families in Colorado. They also offer health insurance solutions such as Medicare, Medicaid Plans, and Small Business Plans.
| Pros | Cons | Monthly Cost | Out-of-Pocket Costs | Deductibles |
| Large provider network. Wide range of plan options. Strong customer service. | Higher premiums compared to some competitors. Complex plan structures. | Premiums start at approximately $220 per month. | Out-of-pocket maximums can be as low as $4,500 but may go up to $8,000. | Deductibles vary widely, typically from $2,000 to $5,000. |
Friday Health Plans
The Colorado Division of Insurance declared on July 17, 2023, that Friday Health of Colorado won’t provide health plans from August that year.
Cigna
Cigna offers services in 14 states, including Colorado. The company offers three metal tier medical coverage: bronze, silver and gold. Bronze has the lowest premiums but the highest deductible and out-of-pocket costs, while the gold plan has the highest premium but lowest out-of-pocket costs.
| Pros | Cons | Monthly Cost | Out-of-Pocket Costs | Deductibles |
| Extensive global network. Strong preventive care focus. Excellent customer support. | Higher premium costs. | Varies on your choice of plan. | Can be around $9,450 for a bronze plan. This amount can vary based on the plan. | Deductibles for Cigna plans can be around $7,500 for individuals and $15,000 for family. |
Bright Health
As of January 1, 2024, Bright HealthCare doesn’t offer any health insurance.
Oscar Health
Oscar Health offers three types of health insurance: individual and family, group and Medicare Advantage. They also have an excellent mobile app that users can use for services such as refill prescriptions and virtual meets with doctors.
| Pros | Cons | Monthly Cost | Out-of-Pocket Costs | Deductibles |
| Innovative tech and telemedicine features. Simple, clear plan options. | Limited provider network. Higher costs for out-of-network care. Doesn’t offer services in Colorado. | Varies by plan and age. For a 21-year-old it’s around $359. | Out-of-pocket maximums typically range from $5,500 to $8,000. | Deductibles can be as low as $1,500. However, can vary significantly based on the choice of plan. |
Rocky Mountain Health Plans
Rocky Mountain Health Plans provides health insurance plans for individuals and families, Medicare and community plans such as Medicaid and CHP+.
| Pros | Cons | Monthly Cost | Out-of-Pocket Costs | Deductibles |
| Local provider focus. Competitive premiums. Strong community presence | Fewer plan options. | Start at around $210 per month. | Starts from $7,000 | Depends on the insurance and type of plan you have selected. It can be as high as $7,000 for Individual and$14,000 for family. |
Denver Health Medical Plan
Denver Health Medical Plan is a local non profit organization which makes quality care accessible to all. It offers various plans such as individuals and families, Medicare, CHP+, Medicaid and DHHA employer plans.
| Pros | Cons | Monthly Cost | Out-of-Pocket Costs | Deductibles |
Affordable premiums. Comprehensive coverage. Strong community health focus. | Limited to Denver area. Smaller network of providers. | Plans start at approximately $361 per month. | Ranges from $7,100 to $8,700 for individuals and from $14,200 to $17,400 for family. | Deductibles can range from $1,700 to $6,950 for individuals and from $3,400 to $13,900 for family. |
Colorado HealthOP (Co-op)
Colorado HealthOP shut in 2015.
Molina Healthcare
Molina Healthcare is known for its affordability, and offers Medicaid and Medicare health insurance plans.
| Pros | Cons | Monthly Cost | Out-of-Pocket Costs | Deductibles |
| Affordable premiums. Extensive Medicaid options. Focus on underserved populations. | Limited coverage options. Customer service can be inconsistent. | Molina Healthcare health insurance can cost around $338.80 per month. | $8,550 for individual and $17,100 for family. | $3,000 for individual or $6,000 for family. |
Conclusion
When seeking health insurance suitable for your needs, it is crucial to evaluate and compare plans offered by different companies. Carefully check what each plan offers, including the deductibles and out-of-pocket expenses. By thoroughly evaluating a policy based on the above parameters, you can be sure to find coverage that suits your needs.
Read related article: Cheap health insurance in California.
FAQs
Who has the lowest health insurance rates in Colorado?
Molina Healthcare offers some of the lowest monthly premiums in Colorado.
How to get free health insurance in Colorado?
Free health insurance is primarily available through Medicaid for those who qualify based on income and other criteria. Additionally, children and pregnant women may qualify for no-cost coverage under the Child Health Plan Plus (CHP+).
Which companies have low deductibles and out-of-pockets in Colorado?
Kaiser Permanente and Cigna typically offer plans with lower deductibles and out-of-pocket maximums, though these may come with higher monthly premiums. Always compare specific plan details to find the best fit for your needs and budget.
