Medicare Supplement Plans in Colorado

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Many top insurance carriers offer Medicare Supplement plans in Colorado. These plans help fill the gaps in Medicare, such as the coinsurances and deductibles.

Private insurance companies sell coverage to Medicare beneficiaries. Also, there are alternatives to Medigap available.

Below we’ll discuss the many options Coloradans have with Medicare. You’ll learn everything there is to know about Colorado Medicare, from Part D to Extra Help.

Colorado Medicare Supplement Plans

Let’s say Alex has Medicare and no Medigap coverage. Well, if Alex breaks his leg after falling down the stairs, he could have some serious out of pocket costs.

For example, Alex will pay the Part B deductible for an ambulance ride. Alex will also pay 20% of any leftover costs from the ambulance ride.

Then, Alex pays the Part A deductible to be admitted to the hospital.

If Alex has a heart attack in 3 weeks, he’s going to pay the Part A deductible AGAIN!

The total for Alex breaking his leg would be several thousand dollars. So, one trip to the hospital is more expensive than the annual premium on a Medigap plan.

Alex saves money by paying his Medigap Plan G monthly premium. The cost is about $120 a month, and the only out of pocket expense is the Part B deductible.

This plan gives Alex peace of mind and financial security. Also, the freedom to see any doctor, with no referral needed.

How Colorado Medigap Plans Work

Coverage for a Medicare Supplement plan is identical from carrier to carrier. The difference will be in cost and carrier rating.

Choosing a Medigap carrier with excellent ratings is better than choosing a plan with the very lowest premium.

Medigap Plans N, G, and F are the most commonly selected policies. High Deductible Plan F is another popular, affordable options.

There’s also a new High-Deductible Plan G that will be available starting 2020.

The best plan for you could be different than the best plan for your neighbor; that’s why working with a licensed agent is so important.

There are many carries available to Colorado residents.

They only offer plans to those living locally in the area. They have multiple resources for their beneficiaries. Including online premium payments, tools to find physicians, and more.

Colorado Medicare Supplement Plan Requirements

Medicare Supplement plans are best selected during your Medigap Open Enrollment Period. OEP entitles beneficiaries to Guarantee Issue rights.

The beginning of this period is the first day of the month you turn 65, and Part B goes into effect. Now, let’s say Alex turns 65 on October 17th. Then his Part B and OEP begin on October 1st and lasts for 6-months.

During this time-frame, Alex can select any policy and get the best possible rate without going through underwriting. Well, after this OEP, Alex needs to qualify medically to obtain coverage.

Medicare Supplement enrollment can take place at any time; however, the best time is during OEP.

Coverage for Medigap Plan G is the same in Denver as it is in Colorado Springs; although, the difference will be in costs. Waiting too long to purchase a policy could result in a higher premium or denied coverage.

If your employer group plan is primary to Medicare, you can voluntarily lose coverage and qualify for Medigap with GI rights.

Colorado Medicare Benefits for Those Under 65

Insurance companies aren’t required to offer beneficiaries under 65 coverage for any policy except for Plan A. However, the cost of Plan A for beneficiaries under 65 will be astronomical, and it rarely makes sense to purchase or obtain this coverage.

Most beneficiaries under 65 find a Medicare Advantage plan to be more suitable.

Then, once the 65th birthday approaches, take advantage of the OEP. Enrolling in a supplement will save you money over time.

If the cost of Medigap is still too high, a Medicare Advantage plan still provides more extensive coverage than Medicare.

Colorado Medigap Plan Costs

Colorado Medicare Supplement Plans are attained age rated. Meaning the premium will increase as your age increases.

The cost will vary depending on when you purchased the policy, the company you select, the area you reside and the plan you want.

Medigap Plan G costs around $120 for a beneficiary that is a 65-year-old non-smoker and new to Medicare. Beneficiaries with health issues will pay more or possibly denied coverage.

The best way to obtain an accurate quote is to talk with an agent.

Medicare Advantage Plans in Colorado

Part C is lower in cost, but also lower in coverage and caregiver options.

Medicare Advantage only offers providers at PPOs and HMOs network. Each carrier has a different network of doctors, which can change any time throughout the year.

Beneficiaries are responsible for knowing updated changes to the plan. Seeing an out of network doctor can result in paying the full cost of the visit.

Let’s say Alex has a Medicare Advantage plan when he breaks his leg. Well, the Ambulance ride, if it’s covered, will still cost $165. Then, the hospital will cost $195 PER DAY for days 1-5.

If Alex was in the hospital for five days, that could cost him a whopping $975! That not even including the cost of diagnostic tests or lab work.

Medicare Advantage would still cost less than Medicare; however, Medigap offers the most extensive coverage to beneficiaries.

Colorado Medicare Part D Prescription Drug Plans

Colorado Medicare Prescription Drug Plan Availability for 2020Part D works with Medicare, which doesn’t cover medication expenses. It’s crucial to select a prescription plan as soon as possible to avoid adding a long-term penalty to your premiums.

The longer you wait to select coverage, the higher the penalty can become. Beneficiaries that don’t take medications can still benefit from a Part D policy.

Resources for Medicare in Colorado

There are state savings programs that help with out of pocket medical costs. Colorado (SHIP) Senior Health Insurance Assistance Program (DORA) offers guidance for those with questions about Medicare.

The CMS Newsroom is another excellent resource for Medicare beneficiaries. As well as Medicare’s website, which allows you to compare MA coverage as well as learn more about Medicare.

The Colorado Health information site also answers questions for beneficiaries on Medicare.

Colorado Medicare Supplement Plan Application

For help with applying for Medicare and Medicare Supplemental insurance, give us a call!  Compare rates over the phone!

Alex could have paid huge bills without a Medigap policy; get covered today and start the coverage you deserve. Our agents are licensed in Colorado to sell Medicare Supplement Plans.

Working with a broker saves you money, effort, and time. Be like Alex, and discover the best affordable option in your area!

Contact an agent today, or fill out an online rate form to compare prices in your area!