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Medicare Colorado 2021

As you approach your 65th birthday, we understand that you’re brimming with questions about your transition to Medicare.

Although enrollment is simple, understanding all the different Medicare components can seem like an uphill battle. It might seem tempting to delay the process, but it’s in your best interest to complete it as soon as possible.

The sooner you decide, the sooner you can start enjoying Medicare and avoid the delayed enrollment surcharges. Remember, you’ve been paying into your Medicare fund your entire working life – it’s time for you to reap the benefits!

Our Medicare experts are here to guide you through the process and ensure you get the right plan for now and many years to come.

Read on to learn more about Medicare, Medicare Supplement plans, and Medicare Advantage plans in Colorado.

Overview of Medicare in Colorado

  • Colorado has 911,645 Medicare beneficiaries.
  • Close to 600,000 are enrolled in Original Medicare Part A and/or Part B.
  • Over 320,000 are enrolled in Medicare Advantage plans.
  • About 73% of all Medicare beneficiaries are enrolled in one type of Medicare prescription drug coverage.

Medicare Supplement Insurance in Colorado

Medicare supplement plans (also known as Medigap plans) cover some of the out-of-pocket costs associated with Original Medicare (Medicare Part A and Part B).

Original Medicare expenses, such as copayments, deductibles, and coinsurance, can quickly accumulate, and many beneficiaries use Medigap plans to minimize them. Each Medigap plan has different coverage levels, and some offer coverage for specific medical services too.

Medigap plans can be acquired at any time of the year, but you cannot be declined coverage by an insurer during your one-time enrollment period, a six-month window that begins when your Medicare Part B is effective.

How Are Premiums Set for Medicare Supplement in Colorado

The insurance carrier determines Medigap premium prices, and can opt for one of three pricing methods:

  • Community Rated: All enrollees are charged the same monthly premium.
  • Attained-Age Rated: The monthly premium is based on the beneficiary’s age when they enroll and increases as they age.
  • Issue-Age Rated: The monthly premium is based on the beneficiary’s age when they enroll and doesn’t increase as they age.

Before you enroll in a Medigap plan, it’s important to recognize how your carrier prices their plans. Doing so will help you anticipate what increases you can expect on premiums.

Medicare in Colorado Infographics

How to Compare Colorado Medigap Plans

Medigap plans in Colorado follow the same model as most other states, ten standardized options:

Because plans are standardized, comparing options is easy! For example, if you choose Medigap Plan G, simply explore the premiums and rate increases of every company offering Plan G in Colorado. All of the benefits are the same, regardless of the carrier.

2020Medicare gives you detailed information about every Colorado carrier so you can make an informed decision. Request a free quote today for a side-by-side comparison of all available Medigap plans in Colorado.

Medicare Advantage in Colorado

An alternative to Original Medicare is Medicare Advantage. Medicare Advantage plans combine Original Medicare, supplemental coverage, and prescription drug plans into an easy, single package.

Even more appealing is that many Medicare Advantage plans in Colorado include other services, such as vision and dental.

In Colorado, nearly 40% of the population receive Medicare benefits through a Medicare Advantage plan.

Unlike Original Medicare, Medicare Advantage plans are provided by private insurance companies. Colorado residents have dozens of different plan providers to choose from.

What Does Medicare Part C Cover in Colorado

A Medicare Advantage plan has the same medical and hospital coverage as Original Medicare, but it includes additional benefits. Depending on the specific plan, a Medicare Advantage plan may cover:

  • Routine vision and dental care
  • Prescription drug coverage
  • Emergency care outside the country
  • Over-the-counter medication
  • Adult day-care services
  • Transportation to health-related services.

Colorado Medicare Advantage and Prescription Drug Coverage

The majority of Medicare Advantage plans in Colorado include prescription drug coverage. If you desire a Medicare Advantage Prescription Drug plan, check that your prescription is covered before enrolling; covered prescription medication varies from plan to plan.

Tip: Medicare Advantage holders must get prescription drug coverage through a Medicare Advantage plan instead of a stand-alone Medicare Prescription Drug Plan (Part D). If you join a stand-alone Part D plan while enrolled in a Medicare Advantage plan, you’ll be disenrolled and returned to Original Medicare.

Types of Medicare Advantage Plans in Colorado

The types of Medicare Advantage plans available in Colorado include Preferred Provider Organizations (PPOs), Health Maintenance Organizations (HMOs), Private Fee-for-Service (PFFS) plans, and Special Needs Plans (SNP).

  • HMO plans require you to choose a primary care doctor that will coordinate your care and issue a referral if you need to see a specialist.
  • PPO plans give enrollees slightly more freedom, allowing you to see any doctor on the network without a referral.
  • PFFS plans determine how much you must pay when you get care. You receive health care from any doctor, health care provider, or hospital in some cases.
  • SNP plans are only available to individuals with specific diseases and have benefits and choices to meet the particular needs of the group.

Premiums, deductibles, and coinsurance will vary depending on the plan, so you’ll need to compare all your options.

Colorado Medicare FAQ

When Should I Apply for a Colorado Medigap Plan?

You can apply for Medigap plans at any time of the year in Colorado, but the best time to apply is during your Medigap Open Enrollment window. This six-month window begins on the date that your Medicare Part B becomes effective.

What Medigap Plans are Available in Colorado?

Colorado insurance carriers offer all ten Medigap plans: Plan A, B, C, D, F, G, K, L, M, and N. However, Plan C and Plan F are only available to beneficiaries who enrolled in Medicare prior to January 1, 2020.

Do I Need to Enroll in Part D Plan in Colorado if I have a Medigap Plan?

Medigap plans do not cover prescription drugs, so you will need a separate Part D plan if you want to cover your prescription drugs.

If you have any questions about your Colorado Medicare options, speak to one of our licensed agents. Our dedicated team will help find a Medicare plan that works for you. Call us today at 1-844-236-0228.

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