Are you a small business owner looking for affordable health insurance for yourself and your employees? Look no further than Connect for Health Colorado! This blog post summarizes the key takeaways from the Connect for Health Colorado Health Insurance Boot Camp for Small Businesses.

What is Connect for Health Colorado?

Connect for Health Colorado is the state’s official health insurance marketplace. It’s a one-stop shop for individuals and small businesses to compare plans, find tax credits, and enroll in health insurance.

Tax Credits Available:

The bootcamp highlighted two tax credits available to small business owners and their employees:

• Advanced Premium Tax Credits: These credits lower monthly premiums based on age, zip code, and income.
• Cost Share Reductions: These subsidies reduce copays, deductibles, and out-of-pocket maximums for eligible individuals.

Financial Assistance Examples:

The bootcamp provided real-life examples of how tax credits can significantly reduce monthly premiums. For example, a couple making $49,000 could qualify for over $2,690 in tax credits, reducing their monthly premium to just $160.

Options for Businesses:

The bootcamp outlined various options for businesses to offer health insurance to their employees:

• Group Health Insurance: This is the traditional option where the employer pays a portion of the premium.
• Qualified Small Employer HRA (QSEHRA): This allows employers to contribute a fixed dollar amount towards employees’ health insurance premiums, which are tax-free to employees.
• Individual Coverage HRA (ICHRA): This option is similar to QSEHRA but is available to all businesses, regardless of size.

The Family Glitch Fix:

The bootcamp highlighted a significant change for 2023. Family members of employees offered affordable employer-sponsored coverage can now qualify for tax credits on the individual marketplace. This eliminates the “family glitch” that previously prevented them from accessing these subsidies.

Resources Available:

Connect for Health Colorado offers free resources and assistance to small businesses. Certified brokers are available to answer questions and help businesses choose the best health insurance plan for their needs.

Open Enrollment Period:

Open enrollment for the 2024 plan year is now open and runs through January 15th, 2024. This is the only time you can enroll in or change your health insurance plan for the year.

Conclusion:

Connect for Health Colorado offers a variety of affordable health insurance options for small businesses and their employees. Don’t miss out on the opportunity to get the best coverage for yourself and your team. Enroll today!

Call to Action:

Visit Connect for Health Colorado’s website https://connectforhealthco.com/ or call their customer service line 855-752-6749 to learn more about your options.

Additional Information:

This blog post provides a high-level overview of the topics covered in the bootcamp. For more detailed information, please refer to the official Connect for Health Colorado website or contact a certified broker.