Health Insurance for Accounting & Tax Contractors in Severance, Colorado
- As a self-employed accounting or tax contractor in Severance, you can choose from 6 confirmed marketplace carriers in Rating Area 4.
- Colorado's marketplace, Connect for Health Colorado, offers PPO, HMO, and EPO plans, with PPOs available on-exchange for greater network flexibility.
- Contractors with household incomes between 100% and 400% of the Federal Poverty Level (FPL) may qualify for significant premium tax credits.
- For those with lower incomes, Health First Colorado (Medicaid) is available for adults up to 138% FPL, providing low-cost or free coverage.
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Understanding Your Health Insurance Options as a Contractor in Severance
For self-employed accounting and tax professionals in Severance, health insurance typically falls into a few main categories. The most common route is through the Affordable Care Act (ACA) marketplace, Connect for Health Colorado. This platform allows you to compare plans, apply for financial assistance, and enroll in coverage. Because Colorado has an expanded Medicaid program, Health First Colorado, many contractors with lower incomes may qualify for free or very low-cost health benefits.ACA Marketplace Plans: HMO, EPO, and PPO Choices
Connect for Health Colorado provides a range of plan structures. In 2026, marketplace shoppers in Colorado can choose from Health Maintenance Organization (HMO), Exclusive Provider Organization (EPO), and Preferred Provider Organization (PPO) plans. Unlike some states, PPO plans ARE available on-exchange in Colorado, offered by carriers like Denver Health Medical Plan and HMO Colorado. This means you have the flexibility to choose a plan structure that best suits your preference for network access and out-of-network coverage. HMO Plans: Typically require you to choose a primary care provider (PCP) within the network and get referrals to see specialists. They often have lower premiums. EPO Plans: Offer a network of doctors and hospitals, but usually don't require referrals for specialists. They generally do not cover out-of-network care except in emergencies. PPO Plans: Provide the most flexibility, allowing you to see any doctor or specialist without a referral, both in and out of network (though out-of-network care will cost more).Financial Assistance: Premium Tax Credits and Cost-Sharing Reductions
Many self-employed individuals qualify for financial help to make health insurance more affordable. Premium tax credits (subsidies) can lower your monthly premium, while cost-sharing reductions (CSRs) can reduce your out-of-pocket costs like deductibles and copayments. Eligibility for these is based on your household income relative to the Federal Poverty Level (FPL). In Colorado, individuals and families earning between 100% and 400% FPL are typically eligible for premium tax credits. CSRs are available for those with incomes up to 250% FPL who choose a Silver-tier plan.Severance, Colorado, part of Rating Area 4, serves a population of 10,130 with a median income of $124,572, per U.S. Census Bureau ACS 2024 5-year estimates. While the city's uninsured rate is low at 2.2%, Weld County as a whole has an 8.0% uninsured rate, indicating the continued importance of accessible coverage options for its 350,396 residents. Major hospitals in the region, such as Banner North Colorado Medical Center in Greeley, are vital resources for acute care in Weld County.
Health First Colorado (Medicaid Expansion)
Colorado expanded its Medicaid program, known as Health First Colorado, in 2014. This means that adults with household incomes up to 138% of the FPL may qualify for Medicaid at little to no cost. This provides comprehensive health benefits, including doctor visits, hospital care, prescription drugs, and mental health services. If your income fluctuates as a contractor, it's important to understand this option as a safety net. Pregnant women in Colorado may qualify for coverage through Child Health Plan Plus (CHP+) up to 195% FPL, and children up to 260% FPL. You can apply for Health First Colorado or CHP+ through Colorado PEAK at colorado.gov/PEAK.How to Choose the Right Plan for Your Contractor Business
Selecting the best health insurance plan involves balancing costs, coverage, and flexibility. As an accounting or tax contractor, consider your estimated income for the year, your health needs, and your preferred access to doctors and hospitals.| Plan Tier | Typical Coverage (Approx.) | Best For | Severance Contractor Consideration |
|---|---|---|---|
| Bronze | 60% covered by plan, 40% by you | Healthy individuals who want low premiums and can cover high deductibles. | Lowest premiums, but highest out-of-pocket costs before deductible is met. Good for those with few medical needs. |
| Silver | 70% covered by plan, 30% by you | Individuals and families who qualify for cost-sharing reductions, or use medical services moderately. | Mid-range premiums. If your income is under 250% FPL, Silver plans offer enhanced benefits through CSRs, making them an excellent value. |
| Gold | 80% covered by plan, 20% by you | Those who expect to use medical services frequently and prefer predictable costs. | Higher premiums, but lower deductibles and out-of-pocket maximums. Ideal for contractors with ongoing medical conditions or frequent doctor visits. |
| Catastrophic | Limited coverage, very high deductible | Individuals under 30 or those with a hardship exemption, seeking emergency-only coverage. | Very low premiums but minimal coverage for routine care. Primarily for major medical emergencies. |
Consider Your Tax Deductions
As a self-employed individual, you may be able to deduct your health insurance premiums from your gross income. This deduction, often referred to as the self-employed health insurance deduction, can reduce your taxable income. To qualify, you must not be eligible to participate in an employer-sponsored health plan (even if it's through a spouse). This deduction applies to premiums paid for medical, dental, and long-term care insurance. Consult with a tax professional to ensure you meet all requirements for this valuable deduction.Health Insurance Carriers in Severance
In 2026, 6 carriers offer marketplace plans in Rating Area 4, which includes Severance, Colorado. These carriers provide a range of plans across different metal tiers (Bronze, Silver, Gold, and Catastrophic), ensuring you have options to compare based on your budget and coverage needs. The confirmed local carriers offering marketplace plans in Severance are:- Cigna
- Denver Health Medical Plan
- HMO Colorado
- Kaiser Permanente
- Select Health
- United Healthcare
Next Steps for Severance Accounting & Tax Contractors
Navigating health insurance as a self-employed professional can be simplified by following a clear process:- Estimate Your Income: Your projected annual income is crucial for determining eligibility for subsidies and Medicaid.
- Research Plan Types: Decide if an HMO, EPO, or PPO structure best fits your healthcare usage and preference for provider access.
- Compare Plans on Connect for Health Colorado: Visit the official state marketplace to view all available plans, compare benefits, and see your estimated premium with any applicable subsidies.
- Consider Your Network: Verify that your preferred doctors, specialists, and facilities in Weld County are included in the plan's network.
- Apply for Coverage: Complete your application through Connect for Health Colorado. If you believe you might qualify for Health First Colorado, apply through Colorado PEAK.
Frequently Asked Questions
Can I deduct health insurance premiums as an accounting or tax contractor?
Yes, if you are self-employed and not eligible to participate in an employer-sponsored health plan, you can typically deduct 100% of your health insurance premiums from your gross income. This is known as the self-employed health insurance deduction.
What types of health insurance plans are available for contractors in Severance, Colorado?
Contractors in Severance can choose from various plan types on Connect for Health Colorado, including Health Maintenance Organization (HMO), Exclusive Provider Organization (EPO), and Preferred Provider Organization (PPO) plans. PPO plans are available on-exchange in Colorado, offering more flexibility in choosing providers.
How do I apply for health insurance subsidies in Colorado?
You can apply for health insurance subsidies (Advance Premium Tax Credits) through Connect for Health Colorado, the state's official marketplace. Eligibility is based on your household income and family size, with subsidies available to reduce your monthly premium costs.
Does my income as a contractor affect my health insurance options?
Yes, your income significantly impacts your eligibility for financial assistance. If your income is below 138% of the Federal Poverty Level, you may qualify for Health First Colorado (Medicaid). If your income is between 100% and 400% FPL, you may qualify for premium tax credits to lower your monthly costs.