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Denver Health Insurance Exchange

Denver Health Insurance Exchange

On March 23, 2010, President Obama signed the Affordable Care Act (ACA) for the denver health insurance exchange.  It was later upheld by the Supreme Court on June 28, 2012, and the State of Colorado is one of many stated affected.  What this means, in short, is that consumers are accountable for obtaining health insurance for themselves and their families.

Under the ACA, state-based health insurance exchanges are created for the consumer and small businesses with fewer than 100 employees.  Having this in place will serve two purposes-

1)     State governments will work to organize a system that will be user-friendly to both individuals and small companies so they can make a fair choice in choosing a health care plan that will suit their needs. More choices will be available and the premiums will be reduced by at least $1500 annually.

2)     The choices will be more affordable for individuals and small businesses.  This Denver health insurance exchange will also help public and private health programs operate in a fiscally responsible fashion.

This exchange will also help to eliminate abuse and fraud in federal health care programs like Medicaid and Medicare.  Another benefit is that children may remain on their parent’s health insurance plan
until the age of 26.

These are just some of the laws scheduled to go into effect on January 1, 2014.  The Department of Insurance (DOI) is currently reviewing the new rates submitted by health insurance companies and
assessing their actuarial value.

This means that plans will be broken down into four categories, which describe the percentage to be paid by the insurance company with the remainder being paid by the insured.  So far, here are the categories along with the percentage paid –

  • Bronze – 60%
  • Silver – 70%
  • Gold – 80%
  • Platinum – 90%

The DOI will also verify that insurance carriers will rate its customers according to federal and state guidelines.  Only four (4) factors will be used to determine premium rates, these are –

  1. Age
  2. Family size
  3. Tobacco use
  4. Geographic rating area

The ACA’s purpose is to design a health care program that offers the uninsured quality care that’s affordable for themselves as well as their families.  The Denver health insurance exchange should encourage ongoing routine visits that will teach healthy living practices as well as preventive care.

To receive more information about how the Denver health insurance exchange may affect the healthcare needs of you and your loved ones, contact Rocky Mountain Health Brokers for more information.  They will be happy to provide a solution that will meet your long-term lifestyle needs.