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The Two Facets of Group Health Insurance Programs in Colorado
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Colorado, being the home of the Rocky Mountains and considered to have one of the toughest terrains for adventurers in the United States, has lot to offer both to its constituents as well as to its visitors. Aside from the Rocky Mountains which are the spot of interest for different mountaineers across the state and the country as well, it also offers several national parks and other interesting places worth visiting to. Furthermore, Colorado’s economy is also an ideal place for investors, with the service and industrial sectors on its expansion stage and certain privileges offered to state income taxpayers such as sales tax refund and others.
How about the health insurance benefits of Colorado state and private employees? Does the state have also a lot to offer in terms of group health insurance coverage to its workforce?
If you are an employee working on the state government of Colorado, there is no need for you to worry about the health benefits entitled to you. In fact, the State Employees and Officials Group Health Insurance Act guarantees that you are automatically enrolled on the group health insurance plan as an employee of the state government of Colorado or of any other agencies or bureaus attached to the state and/or federal government. The cost of the group health insurance plan comes from the payroll deduction of all employees and deposited into the group insurance reserve fund established by the Act. It will be used on the purpose of paying premiums of the plan provided by the selected insurance provider as well as for the cost of administering the insurance plan. You will be able to receive the health benefits through various HMOs or Health Maintenance Organization or through self-funded group health insurance program.
The Act also applies on different private entities operating within Colorado’s jurisdiction, directing them to enroll their employees in the group health insurance program. Just like the laws and regulations governing group health insurance for state employees, the funds that will be used to pay the monthly premiums will come from the employees’ salary deduction. You need not to worry about the personal cost of group health insurance for it will be minimal since you will just pay a part of the plan’s total monthly premium.
Most private employers choose one of the newest group health insurance financing account in Colorado, which is the Health Savings Account (HSA), which qualifies them to high deductible insurance plan. If you are a private employer, you will save on the insurance premiums due to high deductibles, and you will be able to use the savings generated through reduced monthly premiums to fund the account. HSAs are generally tax-exempted, so you do not have to worry about any deductions on the account.
The cost of private-funded group health insurance in Colorado is dependent not only on the conditions present (such as tax-empted health financing accounts) but also on the group’s family size, age, and present health status. For instance, a younger and well-fit group of employees have the high chance for lower monthly premiums since such group is low-risk for insurance carriers.
Whether you are a private or a state employee in Colorado, you are assured that your health interest is one of the top priorities of your employers through their respective group health insurance programs.
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