Understanding Medicare Supplement Insurance Plans in Colorado
In Colorado, peaks and valleys are a common sight and an acceptable thing. Gaps, on the other hand, are not, especially when some of those “gaps” refer to coverage you thought you had through Medicare Parts A and B. Unfortunately, “gaps” are a real thing when it comes to copayments, coinsurance and deductibles making Medicare Supplement Insurance plans in Colorado important to know about. Also referred to as Medigap, Medicare Supplement Insurance fills in some of the “gaps” between what’s covered by Medicare Parts A and B and what’s not covered. The purchase of a Medicare Supplement Insurance plan can help with out-of-pocket costs and is available from private insurance companies throughout the state of Colorado who sell Medigap policies.
Residents of Colorado have 8 Medigap or Medicare Supplement Insurance plans from which to choose. These include basic benefits from Plans A, B, D, G, K, L, M and N. Medigap Plans C, E, F, H, I and J are no longer available to those who are newly eligible to Medicare but enrollees in this plan are grandfathered.
As of 2020, Medicare Supplement plans will no longer sell Medigap Plans C or F to newly eligible Medicare members. Congress has decided that new Medigap plans will no longer be allowed to cover the Part B deductible after January 1, 2020. This will only affect Medicare Supplement plans C and F as these are the only Medigap plans that cover the Part B deductible. Anyone enrolled in a Medigap Plan C or F as of December 31, 2019, will be grandfathered and will be able to continue to use their plan as long as they want.
Colorado residents looking for a Medicare Supplement Insurance plan need to first look at their specific coverage needs to determine what type of Medigap plan they should consider.
Most Popular Medicare Supplement Insurance Plans in Colorado
The government-approved Medicare Supplement Insurance plans help protect consumers in most states, including Colorado. See below for a sampling of the statistics outlining the most popular Medigap plans selected by Colorado residents. Insurance companies that offer Medigap plans in Colorado offer the same basic benefits, but those plans could be priced differently. Each insurer in Colorado may not offer each of the available Medigap plans.
As reported by AHIP, 220,236 Colorado beneficiaries enrolled in a Medigap policy in 2019. Below is the breakdown of the number of Colorado enrollees by Medigap plan type.
Source: AHIP. Reflects data through December, 2019.
Source: AHIP. Reflects data through December, 2019.
While a Medigap policy will help pay for things like copayments, coinsurance and deductibles not covered by Medicare Parts A and B, it is important to note that your Colorado Medicare Supplement Insurance plan will not cover benefits for prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. Or consider a Colorado Medicare Advantage plan, which often covers prescriptions drugs and may also include coverage for dental, vision and hearing and gym memberships.
Learn more about your Medicare Supplement Insurance plan options in Colorado by working with a SelectQuote licensed sales agent. Acting as your Medicare advocate, our licensed sales agents can guide you through the Medicare maze to better understand Medigap plan options and answer any questions you might have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare plans in Colorado.
Colorado residents cannot be enrolled in a Medicare Supplement (Medigap) Insurance plan and a Medicare Advantage Plan at the same time. A Medigap plan can also not be used to pay for any expenses for a Medicare Advantage plan.
When is the Colorado Medicare Supplement Plan Enrollment Period?
Initial enrollment timeframes are very important. Enrollment for Medicare Supplement Insurance plans begins the first day of the month you turn at least 65 years old. You also must be enrolled in both Medicare Parts A and B in order to get a Medigap plan.
Colorado residents have six months to buy a Medicare Supplement Insurance Plan. This is a timeframe surrounding the birth month. Colorado residents under the age of 65 can check with the Social Security Administration office for additional enrollment periods.
The best time to enroll in a Medicare Supplement Insurance plan is during the initial 6 months you are eligible for Medicare. There’s no need to wait until your actual 65th birthday. You can take advantage of eligibility as soon as you reach age 64 ½. During this important period, companies that offer Medicare Supplement Insurance plans cannot use underwriting. In other words, during this timeframe your acceptance is guaranteed. However, if you apply for Medicare Supplement Insurance outside of this 6-month timeframe, Colorado residents will be subject to a physical exam. If you apply for Medigap coverage after the first months of eligibility, a company can refuse to sell you a plan or premiums may also adjust depending on current health status and pre-existing health conditions.
Is a Colorado Medicare Supplement Insurance Plan Right for You?
Determining the right Medicare Supplement Insurance plan to meet your needs starts with SelectQuote. Our experienced and knowledgeable licensed sales agents will help ensure you are getting all the available benefits you deserve while also staying up to date with annual updates to Medicare plans. As a trusted independent third-party, our Medicare insurance option experts are here to help you find the right Medicare Supplement Insurance plan to meet your needs and budget.
To ensure you are getting all the benefits you are entitled to receive, call or complete your online form today. Let SelectQuote’s personal licensed sales agents simplify the Medicare maze by comparing rates and independently shopping insurance companies to help you find an affordable option that meets your unique needs.