Alternatives to the Colorado Health Insurance Marketplace
Residents of Colorado who are looking for health insurance may have more options than they originally thought. We have been trained to think that we MUST find insurance on the colorado health insurance marketplace and our hands are tied. While the colorado health insurance marketplace may be the best options for some people, many people are becoming aware of other options when it comes to healthcare. Before you choose a colorado health insurance marketplace plan, be sure you consider all your options.
-No Insurance/self pay
Due to the high cost of health insurance, some people are choosing to go uninsured and just “self-pay” as they go along. While this may appeal to some people, this has it’s obvious downside. A large medical incident could easily make you “sell the farm” or go bankrupt. The upside is that if you stay healthy, you save a lot of money from not paying a monthly premium.
-MEC plans
MEC plans (Minimum Essential Coverage) are plans that provide basic medical benefits. They typically do not provide “deep pocket” benefits that would cover a hospital or surgical event. However, they can be combined with private insurance options that would help to meet this need. These MEC plans usually cover preventative care and some primary care including Dr visits (sick visits), urgent care/ER benefits, specialist benefits, etc…
-Sharing Ministries
With the rising cost of health insurance, many people have switched to using a “Sharing Ministry”. There are several to choose from and each one is structured a bit differently. Most of them are focused on providing benefits for significant medical events. They can include other benefits depending on the membership “level” you choose. Members of sharing ministries help to pay the medical bills of other members. The sharing ministry structure helps to facilitate this. Most sharing ministries are faith-based and require an acknowledgement and agreement with a “statement of faith.”
-Private Insurance
Finally, many people are seeing the value of switching to a private insurance option. Most private insurance options are non-compliant (according to the ACA) ON PURPOSE! This allows the individual to customize their plan and get the most benefits out of their premium dollars. Private insurance can be used alone, or used alongside a sharing ministry or a MEC plan to create a more well rounded experience. Some people even choose to combine a MEC plan with BOTH a sharing ministry and private insurance! Depending on age, tobacco use, and medical history, a combination of these 3 options can have a significantly lower premium, lower deductibles, and lower copays than the plans found on the colorado health insurance marketplace.
Because the colorado health insurance marketplace and the alternative options can easily get confusing, it is best to get a free consultation from a health insurance professional who is knowledgeable about all these options. To get your free consultation, contact us today.
