Colorado Medicare plans help you to pay for the gaps in Medicare. After Medicare pays its share, then your supplement company can pay for the rest.
Colorado Medigap plans are offered by a wide variety of insurance carriers. Fortunately, each insurance company must offer the same standardized benefits for Medicare supplements as outlined in federal law.
Colorado Medicare Supplement (Medigap)
The best time to enroll in a Colorado Medicare supplement is during your open enrollment period. This window begins on your Part B effective date. During this 6-month window, you can enroll in a Colorado Medigap plan without underwriting. The insurance company cannot deny you coverage based on your health.
Colorado Medigap carriers must make at least Medigap Plan A available to all beneficiaries, regardless of age. So, if you have qualified to Medicare early due to a disability, you will be able to buy a Plan A. Insurance companies do not have to offer other plans to people under age 65. Later on, though, when you turn 65, you will get another 6-month window to change to a richer plan.
After the open enrollment window has passed, you can still apply for a Medigap policy anytime you like. However, you must answer health questions on the application. The insurance company can decline you for certain pre-existing health conditions.
If the costs for Colorado Medicare supplements are too high for you or you can’t qualify, you may wish to consider another type of plan – Medicare Advantage. You can read more on these plans further below.
Colorado Medicare Supplement Insurance Rates
Rates for Medigap plans in Colorado are set by the individual insurance companies. Most Colorado Medigap plans are based on attained age rates. This is when your premium is based off the age at the time of your enrollment. Attained age rated policies are the most common type of Medigap policy in America.
Community-rated plans tend to lump everyone into the same bucket. Depending on the carrier, they might charge the same rate for males and females, or they might charge the same rate regardless of age.
Sometimes these Colorado Medigap carriers might have higher starting rates for people at age 65 though. It’s important to have a broker like Boomer Benefits run quotes to see which plans will be the most cost effective for you.
Lastly, in some areas, we find issue-age rated policies. Your rate will be calculated based on the age at which you enrolled.
All 3 types of Colorado Medigap plans will have annual rate increases. The cost of insurance inflates because the cost of healthcare goes up every year. Don’t listen to any company that tries to tell you that your rate will always be the same as the day you enrolled. It’s simply not true.
How to Compare Colorado Medigap Plans
At Boomer Benefits, we help you compare Colorado Medicare supplements by both current rates AND the rate increase history of each company. Our software gives us detailed information on rate increase trends, financial ratings, and loss ratios for all the Colorado Medigap plans. We’ll help you choose a carrier with a competitive rate that also has a history of low rate increases.
There are 10 standardized plans available in Colorado and one high deductible plan. Since plans are standardized by the federal government, it makes it easy for you to choose the plan outline that fills the gaps that are most important to you. For example, if you decide you like the Colorado Medicare Supplement Plan G, we can look at the rates, history, and loss ratios of every company offering Plan G in your state.
A side-by-side comparison makes it easy to choose for Medicare supplement plans Colorado.
Colorado Medicare Advantage plans
Colorado Medicare Advantage plans are another option for cost-conscious consumers. Advantage plans often have lower premiums than Medigap plans, but there are some restrictions.
Most plans have networks of doctors and hospitals, and you will seek your care from these providers. In addition, you agree to pay copays as you go along. For example, you might incur a copay of $10 when you visit your primary care doctor, or $200/day if you go in the hospital.
You will also pay copays for other medical services like surgeries and ambulance rides and lab work. Each insurance company publishes a summary of benefits so you can see exactly what your copays will be for various treatments.
Many Advantage plans include Part D drug coverage. This means that you can present the same card at the doctor and at the pharmacy. It’s important to make sure that the plan you are considering includes your medications on its drug formulary.
Common Questions About Colorado Medicare:
Find some of our most frequently asked questions about Medicare Supplements in Colorado below.
The best time to apply for a Medigap plan in Colorado is during your Medigap Open Enrollment window. Your Medigap OE runs from your Part B effective date until 6 months after. For example, if your Part B starts on January 1st, your Medigap OE is from January 1st until June 30th.
Colorado insurance carriers offer all Medigap plans, such as Medigap Plan A, B, C, D, F, G, K, L, M, and N. There are also two high-deductible plan options. However, only people who were eligible for Medicare prior to 2020 have the option of Plan C, F, or HDF.
Yes. Medigap plans do not cover prescription drugs unless covered under Part B. Most prescription drugs are covered under Part D, so you’ll need a separate Part D plan to cover your important drugs.
Colorado Medicare Plans Quotes, Rates, and Benefits
An independent insurance broker like Boomer Benefits who specializes in Colorado Medicare plans can help you compare the options available. Our team uses a special software to compare each plan in your area.
We’ll find the one that has the most attractive price. We can also check each company’s financial ratings and analyze the history of its rate increases.
All of this information helps us to identify which plan is right for you. We charge no fee for our services. You pay the same rate as if you applied directly with the insurance company.
An added benefit is your access to our Client Service Team to help you with your annual Part D analysis. Contact us today for your free Colorado Medicare plan comparison.