Connect for Health Colorado (the CO Exchange)
Colorado launched Connect for Health Colorado in October 2013, a new health insurance marketplace where Coloradans shop, compare, pick and purchase health insurance plans. Coverage is be available regardless of health status and there will be no waiting periods or exclusions for existing health conditions.
Small businesses with 50 or fewer full-time equivalent employees are also be able to enroll in the SHOP Exchange, where a variety of group health plans are offered by multiple carriers. This multi-plan/multi-carrier menu allows each employee to select a plan that best fits their needs and family budget. It also allow employers to better manage their health insurance contributions.
A major advantage of Connect for Health Colorado will be the availability of new federal financial assistance for many individuals and families, and premium tax credits for many small businesses. These tax advantages will only be available through the Connect for Health Colorado marketplace.
The best news may be that RiteHealth Solutions can help you connect with and shop on the new marketplace. The brokers at RiteHealth Solutions have completed the intense certification courses with Connect for Health Colorado, allowing us to offer our clients the entire range of available health insurance options within and outside this new Marketplace.
Latest Updates from Connect for Health Colorado
May 2014- One Time Special Open Enrollment Period for COBRA Members:
Because of the perceived confusion surrounding eligibility and enrollment in Marketplace plans, on May 2, 2014 CMS also issued a Bulletin explaining a new one-time special enrollment period for persons eligible for COBRA or current COBRA beneficiaries. Since previous COBRA notices did not adequately explain the Marketplace open enrollment period, consumers may have not received sufficient information to choose between Marketplace or COBRA coverage. Affected individuals have 60 days from the date of the CMS bulletin - July 1, 2014 - to select coverage in the Colorado Marketplace-Connect for Health Colorado.
Contact Judy in our office today to find out more details!
Rates and plan designs are approved for 2014 and the industry is strambling to meet the October 1st deadline to be ready to sell all new health insurance plans inside and outside the Colorado Exchange-Connect for Health Colorado- for an effective date starting 1/1/2014. All of RiteHealth Solutions' staff are now certified to sell in the Connect for Health Colorado Exchange! We will be helping individuals/families and small businesses purchase policies in the Connect for Health Colorado Exchange, starting 10/1/2014 when they become available.
Will you or your family qualify for a government subsidy in the Connect for Health Colorado Exchange? See a recently flier released by Connect for Health Colorado breaking down these qualifications. Also contact us for more details and help answering your questions!
Deadline Extension! The Colorado Division of Insurance extended their deadline for approving plans and rates for 2014 from the initial date of July 31st, 2013 to August 15th, 2013. This means that we will be 2 weeks behind on getting the market rates from the carriers and will need to scramble even more to be ready to sell plans by 10/1/2013 for effective dates of January 1, 2014 and beyond.
A deadline of July 31st is set for the Division of Insurance (DOI) to approve or deny the previously submitted plans. Then insurance companies will determine which of the approved plans they will prepare to sell inside and outside the CO Exchange in October for a January 1, 2014 effective date.
See the Healthcare Reform tab for more updates!
Please see attached all the plans submitted for approval to the Division of Insurance (DOI) to be sold inside and outside the CO Exchange beginning 1/1/2014. Also attached is the Division of Insurance (DOI) press release as well as the Frequently Asked Questions regarding the role of the DOI in healthcare reform.
The new website for Connect for Health Colorado now has a Cost Calculator for Individuals and Families, to estimate the monthly government tax credit based on household income. The site also has a Small Employer Tax Credit Calculator , to estimate the potential tax credit available through Connect for Health Colorado in 2014.
Go ahead and play around with the calculators to see if you or your business will qualify!