Health Insurance

Best Cheap Health Insurance in Colorado 2022

Best Cheap Health Insurance in Colorado 2022

In 2022, the average cost of health insurance in Colorado is $383 for a 40-year-old.

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For most people, the cheapest health insurance plan in Colorado is from Friday Health or Rocky Mountain Health Plans, which are the cheapest options in 64% of the state's counties. With a $131 average difference between the cheapest and most expensive Silver plan in each Colorado county, shopping around for health insurance can save you about $1,572 per year.

Colorado's Connect for Health state insurance marketplace offers Affordable Care Act (ACA) health plans for purchase. But if your household income falls below 138% of the federal poverty level, you can acquire health insurance through the federally funded Medicaid program.

Cheapest health insurance by metal tier

We analyzed all the health insurance policies offered on the Connect for Health marketplace to find the most affordable health plan for each metal tier. Although these plans have the cheapest rates, they may not be offered to everyone, since the availability of insurers and health policies varies by county. The table below should be used as an initial guide to determine which tier is most appropriate depending on your financial and health situation.

Metal tier
Cheapest plan
Monthly cost
Deductible
Out-of-Pocket Maximum
BronzeBright Health Bronze 8700 Limited$235$8,700$8,700
SilverBright Health Peak Silver 3000$260$3,000$8,700
GoldDenver Health Medical Plan Elevate Gold Select$323$2,750$7,000

Sample policies for a 40-year-old.

Colorado health insurance policies are broken down into three metal tiers: Bronze, Silver and Gold. The higher tiers have the most expensive monthly costs but also smaller out-of-pocket maximums and deductibles.

A health insurance provider will take into account your age when determining the rate you will receive. Since you are more likely to use health services as you age, the average cost of health insurance will be higher if you are older.

For example, a 60-year-old would pay more than twice as much for a Silver policy compared to a 40-year-old. That's $459 more per month. The price difference is less severe among younger policyholders. For example, a 40-year-old would pay 28% more than a 20-year-old for a Silver plan, which is $89 more per month.

Cheapest health insurance in Colorado

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Finding the best health insurance coverage in Colorado

The best health insurance coverage for you will be determined by your financial situation and medical needs. The two largest differentiating factors between health plans are the monthly premiums and deductibles. You should carefully analyze these to determine what fits your health insurance needs and will provide the best coverage. Below we have provided guidelines for the three tiers available in Colorado.

Start with Silver plans

A Silver plan is an affordable middle-ground policy with modest premiums along with a deductible and out-of-pocket maximum between Bronze and Gold tiers. We recommend starting your search by evaluating Silver plans because they’re ideal for most people unless you are extremely healthy, can absorb a very high deductible or know you will have a number of large medical expenses.

Plus, Silver plans are the only health insurance plans eligible for cost-sharing reductions if you fall below 250% of the federal poverty level. These reductions can further decrease your copays, coinsurance and deductibles, and can sometimes provide more benefits than Gold plans.

The cheapest Silver plan in Colorado is the Bright Health Peak Silver 3000. Compare all tiers in Colorado above.

Gold plans: Great if you anticipate high medical costs

Gold is the highest tier insurance offered in Colorado and sometimes has the most expensive monthly costs. But the policies also have the lowest deductibles, which can make the cost of health care lower because you can start paying coinsurance rates after less out-of-pocket spending.

For this reason, Gold plans are the best option if you expect to have high medical costs. For example, if you have diabetes, monthly access to insulin can drive up medical costs very quickly.

The cheapest Gold plan in Colorado is the Denver Health Medical Plan Elevate Gold Select. Compare all tiers in Colorado above.

Bronze plans: Best if you are healthy

The cheapest health insurance tier is Bronze, and for people who are young and healthy, this tier is a good choice because of the low monthly costs. These plans have the highest deductibles and therefore are only recommended if you are in excellent health and can pay for much of your medical care out of pocket until you reach your deductible.

However, the plan's preventative care benefits can help you stay on top of routine health care, and the insurance policy will give you some financial protection if you unexpectedly need significant health care.

The cheapest Bronze plan in Colorado is the Bright Health Bronze 8700 Limited. Compare all tiers in Colorado above.

Short-term health insurance in Colorado

Short-term health insurance is not available for purchase in Colorado. The state changed its rules for short-term health insurance in 2019, and although short-term health insurance is permitted in Colorado, insurers stopped offering short-term plans in the state.

Short-term health insurance can be useful if you need a more affordable solution than traditional health insurance. But it is important to recognize that short-term health insurance policies usually do not typically cover the same essential benefits as ACA policies.

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Health insurance rate changes in Colorado

The average cost of health insurance in Colorado across all metal tiers is $383 per month, which is 1% cheaper than in 2021.

The biggest price change this year was a 4% price drop in Gold plans. This is the second year in a row that the cost for Gold-level coverage has dipped. As a result, a Gold plan costs about $56 per month less in 2022 than in 2020.

In 2022, the cost for Silver health insurance plans increased 1%, a relatively minor change that added an extra $6 to monthly costs.

Metal tier
2020
2021
2022
% Change (2022 vs. 2021)
Bronze$337$322$321-0.3%
Silver$423$403$4091.5%
Gold$476$438$420-4.1%

Rates are for a 40-year-old adult.

Health insurance companies in Colorado

There are currently eight health insurance companies that provide policies through the state exchange in Colorado:

  • Anthem BlueCross BlueShield
  • Bright HealthCare
  • Cigna
  • Elevate by Denver Health Medical Plan
  • Friday Health Plans
  • Kaiser Permanente
  • Oscar
  • Rocky Mountain Health Plans

Cheapest Silver plan by county

The cost of health insurance can change depending on where you live. Therefore, when purchasing a health plan, it's important to first identify which policies are available and affordable in your county. For example, the cheapest Silver plan offered in Denver County is from Rocky Mountain Health Plans, while in El Paso County, it is from Bright Health. In the table below, we have listed the lowest-cost Silver plans offered in counties across the state.

County
Cheapest Plan
Individual
Couple
AdamsRocky Mountain Health Plans Colorado Doctors Plan Silver Walgreens RX Copay$320$641
ArapahoeRocky Mountain Health Plans Colorado Doctors Plan Silver Walgreens RX Copay$320$641
BacaFriday Silver$404$808
BentFriday Silver$404$808
BoulderRocky Mountain Health Plans Colorado Doctors Plan Silver Walgreens RX Copay$334$668
BroomfieldRocky Mountain Health Plans Colorado Doctors Plan Silver Walgreens RX Copay$320$641
CheyenneFriday Silver$404$808
Clear CreekAnthem Silver Pathway Essentials X HMO 5000$361$722
CrowleyFriday Silver$404$808
DenverRocky Mountain Health Plans Colorado Doctors Plan Silver Walgreens RX Copay$320$641
DouglasRocky Mountain Health Plans Colorado Doctors Plan Silver Walgreens RX Copay$320$641
EagleFriday Silver$439$878
Show All Rows

Costs for 40-year-old adults.

Methodology

Health insurance rates and plans were pulled from the Connect for Health Colorado state health insurance exchange. Using the premiums, averages were determined for variables such as metal tier, age and county.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.