Updated: May 22, 2024
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BestHealth InsuranceColoradoBest Health Insurance in Colorado
Why Trust MoneyGeek? We downloaded plan data for Colorado directly from the Centers for Medicare & Medicaid Services (CMS). MoneyGeek’s scoring methodology balances costs, claims approval and plan types to find the best providers in the state.
Plan data was updated with the CMS exchange data released in October 2023 for the 2024 enrollment period.
Kaiser Permanente has a MoneyGeek score of 75 out of 100, making it the best health insurance provider in Colorado. It offers affordable plan options, has reasonable out-of-pocket costs and manages claims well compared to other providers.
In Colorado, we looked at 53 Silver health insurance plans, with 12 EPO and 41 HMO plans included in our study.
Affordable premium rates
Very few claims denied
Variety of plan types offered
Out-of-pocket costs may be higher than others
MoneyGeek's top pick for the best health insurance in Colorado is Kaiser Permanente. It offers nine Silver HMO plans at an average rate of $458 per month. The average maximum out-of-pocket cost for these plans is $8,797.
HMO plans often have a network of doctors and specialists that members can visit. This plan type requires members to choose a primary care physician and get referrals to see specialists. Kaiser Permanente has an 8% denial rate, which is lower than much of the competition.
Plan Recommendations
MoneyGeek recommends the following Silver plans from Kaiser Permanente:
Kaiser Permanente offers the best health insurance in Colorado for low out-of-pocket costs, with a MoneyGeek score of 77 out of 100. It has plans with low out-of-pocket costs and doesn't deny claims often compared to other providers.
For this analysis, we evaluated 11 EPO plans and 19 HMO plans in Colorado.
Denies very few claims
Low out-of-pocket maximum costs
Limited plan options available
MoneyGeek's top pick for the best health insurance in Colorado for low out-of-pocket costs is Kaiser Permanente. It offers seven Gold plans, which typically have lower out-of-pocket costs. The plans cost an average of $453 per month and have an average maximum out-of-pocket cost of $8,273.
Kaiser Permanente's plan are of the HMO type, meaning members usually need to choose health care providers within the network for the plan to pay. The provider has a lower denial rate than most of the competition, at just over 8%.
Plan Recommendations
MoneyGeek recommends the following Gold plans:
Kaiser Permanente is the best provider for cheap health insurance scoring an 80 out of 100. The company offers plans that are more affordable and have lower out-of-pocket expenses. It also denies fewer claims compared to other companies.
For our analysis in Colorado, we looked at 12 Silver EPO plans and 41 Silver HMO plans. When deciding the best company, we focus more on plans with low monthly premiums. Remember that plans with lower premiums might have higher out-of-pocket costs when you need care.
Very low claim denial rate
Affordable premium rates
Limited plan options available
MoneyGeek's top pick for the best cheap health insurance in Colorado is Kaiser Permanente. This company offers nine different Silver plans. Its plans cost an average of $459 per month with an average maximum out-of-pocket cost of $8,797.
Note that Kaiser Permanente provides only HMO plans, which typically require members to stay within the network for care. The provider has a denial rate of 8.5%, which is lower than most of the competition.
Plan Recommendations
MoneyGeek recommends the following cheap Silver plans from Kaiser Permanente:
Kaiser Permanente offers the best health insurance in Colorado for young adults, with a MoneyGeek score of 67 out of 100. It provides plans with some of the lowest prices and also shows better performance than average in processing eligible claims.
In Colorado, we looked at one Bronze EPO plan, eight Expanded Bronze EPO plans, 45 Expanded Bronze HMO plans and four Catastrophic HMO plans to find the best insurance options for young adults. These plans can be beneficial for young adults under 30 who might consider Catastrophic coverage, which usually has lower monthly costs.
Favorable premium rates
Minimal out-of-pocket costs
Infrequent claim denials
Diverse plan options
MoneyGeek's top pick for the best health insurance in Colorado for young adults is Kaiser Permanente. Younger individuals often pick lower coverage levels since they usually need fewer medical services than older people. Kaiser Permanente has two Catastrophic plans and nine Expanded Bronze plans. The average cost of these plans is about $244 a month, with an average maximum out-of-pocket cost of $9,111 per year.
Kaiser Permanente does not offer PPO, POS or EPO plans. As an HMO plan provider, it requires patients to see doctors and hospitals within the network. Members need to select a primary physician and get referrals to see specialists. The provider has a lower denial rate than most of the competition.
Plan Recommendations
MoneyGeek recommends the following plans for young adults:
Health insurance companies have different plans for people to choose from. Residents of Colorado can pick from 12 Silver EPO plans and 41 Silver HMO plans. The best providers in Colorado for the available plan types are:
For this advice, we only considered Silver plans. Silver plans are suitable for people who go to the doctor a lot. They balance your monthly premiums and maximum out-of-pocket (MOOP) costs.
MoneyGeek's top pick for the best health insurance in Colorado for Silver EPO plans is Cigna. Cigna offers four Silver EPO plans at an average rate of $445 per month and an average maximum out-of-pocket cost of $9,350. Cigna has a denial rate of about 19%, which means it denies more claims than average.
Silver EPO plans let you see specialists without always needing a referral. However, these plans require you to stay with doctors in the network unless it's an emergency. This can limit your choices for health care services.
Plan Recommendations
We suggest the following Silver EPO plans from Cigna:
MoneyGeek's top pick for the best health insurance in Colorado for Silver HMO plans is Kaiser Permanente. It offers plans that cost an average of $459 per month with an average maximum out-of-pocket cost of $8,797. The provider has a low rate for claims denial.
HMO plans usually cost less each month. You need to see doctors in your network, except in emergencies. You also need referrals to see specialists. HMO plans can be good for you if you want to pay less each month and doctors in the network are nearby.
Plan Recommendations
We suggest the following Silver HMO plans from Kaiser Permanente:
The best health insurance for you in Colorado will depend on your individual health care needs, budget and preferences. Various plans are available, ranging from high-premium and low-deductible plans to low-premium, high-deductible plans. It’s important to consider the details of each plan before buying health insurance coverage. To find the best plan for you in Colorado, here are some tips to consider.
Understand when a health insurance plan will cover you
In health insurance, in-network provider refers to doctors and hospitals your plan agrees to cover. These providers may cost less. For out-of-network providers, your plan may not pay for those doctors or hospitals, possibly making them more expensive.
Choosing a plan depends on what you need. In Colorado, there are 12 EPO plans and 41 HMO plans. If you want a plan that covers more doctors and hospitals, even if it costs a bit more, consider EPO plans. Or, you could check HMO plans. They cost less but don't cover as much if you visit out-of-network providers.
Weigh the cost of premiums vs. the cost of care
When you look for health insurance, it's smart to weigh the costs you pay each month against the most you could pay in a year. Your needs can help you choose the best plan. Plans with lower monthly costs might have higher yearly maximum out-of-pocket (MOOP) costs. Plans with higher monthly costs could have a lower annual MOOP, which may help save money if you go to the doctor often.
For example, in Colorado, the KP CO Silver 3700/20%/HSA plan from Kaiser Permanente has the lowest MOOP and costs $458 a month. The average cost for Silver plans from the same company is $459 a month. Plans like the KP CO Silver 3700/20%/HSA with low monthly premiums and low MOOP are great if they also provide good service.
If you are 65 years of age or older or have a qualifying illness or disability, you might be eligible for Medicare, a government health care program. Although there is a cost associated with Medicare, it is usually less expensive than taking out a private health insurance plan from the exchange in Colorado.
Medicare plans include the following:
Medicaid is a government health insurance program that is available to those with low income, certain disabilities and other qualifiers. An individual's income must be 138% below the Federal Poverty Level to be eligible for Medicaid. Other qualifications for Medicaid include being pregnant or a senior, having a disability or receiving Supplemental Security Income (SSI).
We also analyzed the best Medicare Advantage and the best Medicare Supplement in Colorado to help you choose the best plan for your needs.
Finding an ideal health insurance plan can be complicated due to concerns about price and availability. MoneyGeek answers some frequently asked questions to help you research options.
The best health insurance in Colorado for 2024 is provided by Kaiser Permanente. However, the best choice for you will depend on your unique circumstances and needs.
A plan with reasonable prices and sufficient coverage is what you should be looking for. Despite offering reduced prices, some plans and companies might only offer a few services that may not suit all your medical needs. Your unique needs will determine what the best health insurance plan for you is.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
