The benefits of ColoradoCare for our state could not be clearer: the bottom line is that Coloradans save $4.5 billion with implementation of ColoradoCare. By removing over $6.5 billion in wasteful administrative costs and reducing expenses for health care, our state will have enough remaining funding to pay providers for health care services that cover everyone, without deductibles. In fact, it is estimated that, in any given year, 80% of Coloradans will save money under ColoradoCare compared to the current system — and even more over a lifetime!
But if you’re like most people, you’re most interested in exactly how Amendment 69 will affect your bottom line this year. There’s good news: we’ve made it easy as pie to discover your savings under ColoradoCare! Just use the simple calculator below.
Don’t want to type in your info? We’ve got a few examples of how individuals would fare under ColoradoCare.
Look at Bob and Susan, for example. They’re both 41 years old, living in Denver, and earning Colorado’s average family income of $87,242. If either Bob or Susan receive employer-provided health insurance, they can expect to pay average employee premiums of approximately $4,257 per year with an average deductible of $1,200.
Under ColoradoCare, Bob and Susan would only pay $2,905 in employee taxes for health care coverage, and they would no longer have a deductible!
But what if Bob and Susan don’t have employer-provided health insurance?
If they are self-employed and purchase health insurance on the exchange, they should expect to pay approximately $8,424 per year for a family Silver Plan, which carries a $6,850 deductible. If they want to go for the Gold Plan, they should expect to pay $12,528 in premiums, with a family deductible of $3,500.
Under ColoradoCare, Bob and Susan would only pay $8,724 per year with no deductibles-that’s a $6,550 savings each year Bob and Susan meet their deductible on the Silver Plan, and an even greater savings of $9,478 each year they meet their deductible on the Gold Plan!
But what about individuals? Let’s look at Jane-she’s a 31-year-old living in Denver and earning $37,000 per year, which is Colorado’s median individual income.
If Jane’s employer provides health insurance coverage, Jane should expect to pay $2,604 in premiums, which works out to about $217 per month in her budget, plus an average deductible of $1,200 per year.
Under ColoradoCare, Jane would only pay $1,232 per year-only $103 per month-for her health care coverage, and she wouldn’t have to worry about meeting the $1,200 deductible.
What if Jane is self employed? If she purchases health insurance on the exchange, she could purchase a Silver Plan for $3,048 per year with a $2,500 deductible, or she could purchase a Gold Plan for $4,124 per year with a $500 deductible.
Under ColoradoCare, Jane’s health care coverage would only cost $3,700 per year with no deductible!
In the current system, Coloradans are beholden to the corporate health insurance providers-if plan prices increase, Coloradans have no choice except to pay more. If deductibles skyrocket, we have no choice but to meet the deductible before accessing the care for which we have already paid.
ColoradoCare will provide all of us with better quality, more accessible comprehensive care. It’ll be a massive step forward and it’ll save us money.