Having health insurance can help you pay for high, unexpected healthcare costs. Without insurance you could face these costs entirely on your own. Health insurance is designed to share costs with you and a health insurance company. The average cost of a three-day hospital stay without health insurance is $30,000 and treating a broken leg can cost up to $7,500.

Two things determine how much you will pay for a year of healthcare: your premium and your out of pocket costs. Your premium is your monthly bill – the amount you must pay your insurance company on-time each month. It keeps your insurance active and helps cover the cost of services included in your plan – like the preventive services. Your out of pocket costs are costs when you receive healthcare. Health insurance is designed to share costs with you when you get healthcare or prescriptions. These shared costs come in two forms—copayments (or copays) and coinsurance. When these costs apply depends on the deductible and out-of-pocket maximum.

You can change plans for next year during Open Enrollment (November 1-January 15). After Open Enrollment ends, you can only change plans if you qualify for a Special Enrollment Period (SEP).

Life changes that may qualify you for a Special Enrollment Period:

Changes in household - you may qualify for a Special Enrollment Period if in the past 60 days you or anyone in your household got married, had a baby, got divorced or legally separated or died.

Changes in residence - you may qualify you for a Special Enrollment Period if you move to a new home in a new zip code or state and you must prove you had qualifying health coverage for one or more days during the 60 days before your move. You don't need to provide proof if you’re moving from a foreign country or United States territory.

Loss of health insurance - you may qualify for a Special Enrollment Period if you or anyone in your household lost qualifying health coverage in the past 60 days OR expects to lose coverage in the next 60 days.

An employer offer to help with the cost of coverage - you may qualify for a Special Enrollment Period if you (or anyone in your household) were offered an individual coverage HRA (ICHRA) or a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) in the past 60 days OR expects to in the next 60 days.

A Premium Tax Credit is a financial help program designed to lower the monthly cost of health insurance for individuals and families. To be eligible for a Premium Tax Credit, you must buy your health insurance plan through Connect for Health Colorado and meet the income requirements. You can take the Premium Tax Credit in advance and apply it to the monthly premium, or you can wait and take it when you file your federal income taxes.

If you qualify for a Premium Tax Credit, you may also qualify for additional financial help in the form of Cost-Sharing Reductions. You can determine which financial help programs you and your family qualify for by completing an application.

Health First Colorado is a state-sponsored health insurance program that provides free or low-cost care for Coloradans who qualify. It is a type of medical assistance program and is administered by the Department of Health Care Policy and Financing. When you apply for financial help through Connect for Health Colorado, your eligibility for Health First Colorado will be assessed first. If you do not qualify for Health First Colorado, you may be eligible for financial help through Connect for Health Colorado.