Buying Colorado Health Insurance? How to Keep Premiums Low

With hospital stays costing an average of more than $1,000 a day, it is easy to see how a serious injury or illness could skyrocket to costs of $50,000 or even more.  So many uninsured Colorado residents have seen their fortunes dwindle away in a matter of weeks because they lacked a health insurance policy that would protect their assets. 

Conversely, it is not surprising to see many Coloradoans choose to forego health insurance plans altogether, mainly because of high monthly premiums. Those who have been denied health insurance coverage due to a preexisting health condition are often forced into health insurance plans that are too expensive to even consider.  It is with this in mind that many health insurance companies now offer a way to buy Colorado health plans with lower premiums.

I've blog eariler this summer about How to Keep your Colorado Health Insurance Premiums Low.  Here are a few more of the best ways to buy Colorado health insurance with lower monthly premiums:

1. Managed health care plans:  Also known as HMOs, these Colorado health insurance policies require the insured to choose from a list of doctors and hospitals in a ‚Äúnetwork‚Äù.  Depending on the co-pay amount that you choose, these plans can make healthcare more affordable.  PPO plans are a more flexible option than HMO‚Äôs, with much larger provider networks, but they usually include an annual deductible that must be paid before the insurance kicks in.   Even if you don‚Äôt meet the deductible, a PPO plan can offer great savings.
2. High deductible plans:  By accepting a higher deductible, and assuming some of the risk that is normally assigned to the insurer, you can save a lot of money on monthly health insurance  premiums.  By purchasing a Colorado health plan with a deductible of $2,000 and up, and keeping the money you save in a bank account, it is possible to save a lot of money on healthcare. 
3. Higher co-pays:  No matter what type of Colorado health insurance plan you choose, selecting a health plan with higher co-pays for prescriptions and doctor visits will save you money on monthly health insurance premiums.  This type of plan may be more cost effective for healthy Coloradoans who only visit a doctor a few times per year.
4. Health savings plans: By allowing you to combine a low monthly deductible with a tax-free health savings account, HSA plans can result in a huge savings on the net cost of health insurance.

Choosing a low-cost health insurance plan in Colorado may take some time and research, but an experienced broker can help.  Michael Horvat is a health insurance expert and broker with HealthQuotes.com in Colorado Springs, CO.  If you are searching for Colorado health insurance plans or quotes, please give Michael a call anytime at 800-345-0789.