As Seen On News 5

Aug 16, 2013 10:28 PM by Andy Koen

Health care exchange rates announced

Colorado workers got their first glimpse Friday of what insurance premiums will cost next year when purchased through our state's new health insurance exchange. Ten major insurance providers are offering policies through the state established marketplace called Connect for Health Colorado.

The state exchanges are mandated by Congress in the 2010 Patient Protection and Affordable Care Act, commonly known as Obamacare.

Beginning in January, all individual Americans will be required to purchase health insurance and all employers are mandated to offer policies to their workers or face fines. The health care exchanges are meant to establish a market place for workers at small businesses with less than 50 employees, which are exempt from the mandate.

Individual workers also may choose to decline their insurance policy at work and buy from the health exchange if it better suits their family budget.

The Colorado Division of Insurance released sample premium charts to give everyone an idea of what a typical policy will cost in terms of monthly premiums. Individuals making up to 400 percent of the poverty level ($45,960) qualify for an income tax credit that can be applied to their health care premiums.

The Connect for Health Colorado web page has an application that lets individuals, families and small businesses calculate their tax benefit through the exchange.

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