Medicare Supplement Plans in Colorado

Medicare Supplement plans in Colorado help cover some to all of the charges not paid by Medicare Part A and Medicare Part B, also known as Original Medicare. Original Medicare covers approximately 80 percent of Medicare-approved charges. The beneficiary is responsible for paying the additional 20%.

Best Medicare Supplement Plans in Colorado

Medicare Supplement insurance plans in Colorado are standardized. They offer all the same benefits regardless of which insurance company they come from. Rates will differ with companies. When purchasing Medicare Supplement plans, be sure to check the current rates before you buy.

Colorado will offer 12 different Medigap plans in 2022; 207,779 of which have Medigap plans (33.1% of the state’s Medicare beneficiaries).

There are 959,827 Coloradoans enrolled in Medicare in 2022.

Medicare Supplement Plan F: Best Full Coverage

Medicare Supplement Plan F is the best for those who can pay the insurance company a somewhat higher Part B monthly premiums to get all-inclusive coverage.

The deductible for Part B and Excess Charges are covered under Medicare Part F.

This full-spectrum coverage is no longer available to Medicare recipients becoming eligible for Medicare after January 2020.

Those who became eligible before January 1, 2020, but have not enrolled due to continuing to work and maintaining employer-based insurance may still be eligible to enroll in Part F. Those who were already enrolled on January 1, 2020 can keep Part F coverage as long as they pay the monthly Part B premiums.

Medicare Supplement Plan G: Best Comprehensive Coverage

Medicare Supplement Plan G has replaced F as the most popular Medicare Supplement plan for the following reasons:

• Medigap Plan G has a lower monthly premium
• Coverage is the same as F except for the annual Part B deductible (not covered by Part G) – Part A deductible is covered
• Still available for new enrollees

Medicare Supplement Plan N: Best Value

Plan N is increasingly popular because:

• Lower monthly premiums may save money in the long run
• More predictable out-of-pocket costs –
• $20 copayments for some office visits – ER visits up to $50 copayment
• Part B deductible and excess charges not covered

Medicare recipients who have chronic medical conditions and need to visit their doctors frequently can face excessive out-of-pocket medical bills. Original Medicare has no cap on the amount of pocket costs an individual can be required to pay.

What Do Medicare Supplement Plans in Colorado Cover?

For Medicare beneficiaries on Medicare Part A and Part B, Medigap plans are available to help pay coinsurance, deductibles, and copayments. The best time to purchase a Medigap plan is during your Initial Enrollment Period (IEP) when you turn 65 years old.

During that time, you can enroll in any Medigap plan with no medical underwriting. You cannot be charged extra for pre-existing conditions or be turned down for coverage.

Additional benefits covered by Medigap plans in Colorado but not covered by Original Medicare include:

• Foreign travel benefits: Healthcare coverage when traveling outside the United States up to plan limits (usually about 50,000 yearly)
• Part B Excess Charges: Amounts charged above the usual and reasonable Medicare-approved charges other than deductibles, coinsurance and copayments
• In-patient care at a Skilled Nursing Facility
• Some home health services

Original Medicare’s coverage for care at a Skilled Nursing Facility is limited, so the ongoing coverage from a Medicare Supplement plan is needed.

Added benefits are at the discretion of the insurance company that offers the plan. Some basic Medicare benefits offered by a Medigap policy include:

• Blood transfusions: First three pints of blood ordered by your healthcare provider
• Copayments or coinsurance for Hospice Care
• Medicare Part A inpatient coinsurance
• Medicare Part B copayment or coinsurance

How Much Does a Medicare Supplement Plan in Colorado Cost?

The cost of a Medicare Supplement plan in Colorado varies according to the rating system different private insurance companies use. In Colorado, most health plans use the attained age rating model, and the costs can increase with advancing age.

Less common methods of rating include issue age and community age rating. In the former, no increases will be made based on age. With the latter, all individuals will be charged the same premiums and any future increases will be applied to all members of the plans.

For a 65-year-old female in Colorado, the following shows the highest and lowest premiums for Medigap Supplement plans:

• Plan F: Lowest $131 – Highest $183
• Plan G: Lowest $112 – Highest $141
• Plan N: Lowest $91 – Highest $121

In finding the best healthcare plan for you, consider your current health condition, any anticipated future health needs, and your known family history.

Choose an insurance company that is financially stable with a good reputation for customer service throughout the years.

When Can I Apply for a Colorado Medigap

The Medicare Supplement Enrollment Period is not a yearly recurring opportunity like the Medicare Advantage Enrollment period each year from January 1 to March 31 and the Open Enrollment Period annually from October 15 to December 7. The enrollment period for a supplement plan is an individualized time period.

From the date you are both 65 years old and enrolled in Medicare Part B, you will have a six-month period of time to enroll in any Supplement plan with any insurance company regardless of health condition or pre-existing conditions. During this personalized Open Enrollment Period, you can “test drive” a plan for 30 days to see how it works for you. A Medicare agent can help.

Ask the agent to help you find coverage for prescription drug needs as well as life insurance.

Beginning with a Medigap plan accompanied by a Part D Prescription Drug plan can give you the peace of mind of knowing you have help covering the charges Medicare does not pay.

If you opt out of enrolling in a Supplement plan during your IEP and wish to do so later, you may have to undergo Medical Underwriting (have a physical exam), and if accepted for enrollment, the cost may be more than it would have been during your IEP.

Specific circumstances may qualify you to enroll in a Medigap plan after the time of your Individual Enrollment Period in a Special Enrollment Period (SEP). These circumstances include either you or your spouse still working and being covered under the employer-based insurance plan.

You will need to research Medicare plans and enroll in one of the available supplemental health plans or your choice of Medicare Advantage plans before your employer-based insurance is terminated.

What are Medicare Advantage Plans?

Either during your Initial Enrollment Period or anytime after that, you may wish to change to a different supplemental health insurance plan or decide whether a Medicare Advantage plan (Medicare Part C) is right for you. Many Medicare Advantage plans, either HMO or PPO, come with a prescription drug plan.

Medicare Advantage plans focus on Medicare preventive care.

They offer extras like drug coverage, vision, hearing, and dental benefits, and sometimes wellness and fitness benefits.

Advantage plans include a network of providers and geographical service areas. For those who do not travel abroad often and do not expect to need care in a Skilled Nursing Facility soon, Medicare Advantage may be a wise choice, if only for the extra coverage it offers.

Colorado Medicare Resources

If you have additional questions about Medicare Supplement Plans in Colorado be sure to visit medicare.gov. You can also reach out to one of our licensed insurance guides at 800-974-0552.