How to Find Less Expensive Alternatives to Traditional Health Insurance in Colorado

Colorado, like other states, has thousands of working families who require regular doctor visits. A growing number of Coloradans are finding today’s health care costs are spiraling out of control, leaving them scrambling to find alternatives.

Based on the fear of rising costs, many are playing it safe career-wise as they work toward retirement. Did you know one out of 5 people aged 50 to 64 decided to stay in their current job rather than change jobs or retire just to keep their employer-provided health insurance? Some are taking part-time jobs just to pay for prescription costs, too.

Health insurance is a very important issue for Colorado families. As you get older, you’re more likely to experience health conditions. Health insurance not only provides you the services you need, but also provides you financial protection. Coloradans who may eventually want to retire shouldn’t have to keep working just to afford healthcare.

What can you do to ensure you’ll have the necessary finances to afford emergency procedures and growing prescription drug costs? Luckily, Coloradans are finding great alternatives that offer peace of mind when it comes time to end their work careers, but healthcare will still be a necessity.

Coloradans Turn to Healthshare Plans

Because health insurance premiums are becoming more expensive for those who aren’t receiving any subsidies, many Coloradans are switching to a lower-cost alternative to expensive Obamacare-era plans. Called “Healthshare Plans,” these are membership organizations that share medical costs among their members. Unlike traditional insurance plans that are heavily mandated by state and federal regulators, healthshare plans are ACA-exempt.

Growing in popularity among all healthshare plans is MPowering. MPowering offers an HSA-eligible partially self-directed healthshare plan that allows you to take charge of your health, choose your provider, and ‘share’ in the coverage of your approved medical expenses through the network.

The uniqueness of this plan is what makes it attractive to individuals and couples looking for an inexpensive alternative to traditional health coverage. You receive a healthshare plan combined with a health savings account (HSA) to better control out-of-pocket costs. An HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses.

Should you have an emergency medical expense, prescription drug expense or any other medical procedure requiring an out-of-pocket commitment (except preventive care), you can select the provider or facility of your choice and tap into the funds you’ve contributed to your HSA account.

Anyone who contributes to an HSA will reap tremendous tax benefits, too.

Need Help Deciding on An Alternative?

With ACA being ruled unconstitutional, you may feel like few insurance alternatives exist. Although the marketplace can be intimidating to some, ColoHealth can help you make more informed choices.

To tap into a more affordable insurance alternative, call one of our Personal Benefits Managers at 800-913-6381.

  Date posted: Wednesday, February 6th, 2019
Category: Uncategorized



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