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Health Insurance for Colorado's Self-Employed Workforce | RMHP Blog

Health Insurance for Colorado's Self-Employed Workforce | RMHP Blog



What Self-Employed Individuals Need to Know About Health Insurance

If you're a self-employed worker in Colorado, you may have questions about how to find the health insurance coverage that’s right for your lifestyle. Discover how to compare costs for coverage and resources and tips you may want to consider to help you save money and find the coverage that’s right for you.

How much does individual health coverage cost for self-employed people in Colorado?

Costs will vary, but these factors can influence your monthly premium:

  • Location (rural areas, like Grand Junction and the Western Slope, generally have higher costs compared to larger metropolitan areas, like Denver)
  • Age
  • Tobacco use
  • Plan category (Bronze, Silver, Gold)
  • Any tax credits or other assistance for which you might be eligible

Your monthly premium is certainly an important cost to consider – but you should also be familiar with other potential out-of-pocket costs when comparing individual health plans.

Other costs to consider when comparing plans.

If you’re unfamiliar with health insurance terminology, it may be beneficial to check out some of the most common health insurance terms here.

Once you’ve made note of the monthly premiums for plans you’re considering, it’s helpful to review a plan’s deductible. To find the right deductible, think about what you expect your health needs to look like for the year.

For example, a high-deductible health plan can be a good choice for healthy individuals who don’t seek care often. On the other hand, if you have health concerns that require regular doctor visits and prescriptions, a plan with a higher monthly premium and lower deductible may make better financial sense.

Next, consider each plans’ copays for doctor visits, specialists, urgent care, and emergency care. At Rocky Mountain Health Plans (RMHP), we strive to offer a variety of plans with low copays to help you make the most of your plan for routine, non-emergent care.

Resources and tips for self-employed individuals to help save on healthcare

Healthcare costs can quickly add up. Fortunately, there are options and resources to consider to help you save money:

  • Look for plans that include telemedicine and virtual doctor visits, which are often more affordable than in-person visits.
  • Open a tax-advantaged savings account for health-related expenses, like an HSA.
  • Search Colorado’s state healthcare exchange on the Connect for Health Colorado website.
  • Contact the health plan, like RMHP, for information about their plans and which plan may best fit your health and budget needs.
  • Reach out to an insurance broker for guidance. These services are typically no-cost. Plus, if you have extensive health needs or need to see certain doctors, these professionals can help you find the right plan with the right network.
  • Ask your insurance broker if they offer additional financial planning services. Many do, and while these services will not be free, they can help you make sound financial decisions and save money.
  • Check to see if you are eligible for any tax credits on your premium (your broker can help with this, too).

Start the conversation early with your broker, if you choose to use one, about 2021 health insurance coverage.

Choosing a plan is an important decision that requires careful research and consideration. If you have questions about finding the 2021 individual health insurance plan that’s right for you, RMHP is here to help. Discover the options you have for finding a plan, or contact our dedicated Individual Sales team at 866-806-1761.