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.
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.
The insurance carrier determines Medigap premium prices, and can opt for one of three pricing methods:
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.
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.
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.
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:
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.
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).
Premiums, deductibles, and coinsurance will vary depending on the plan, so you’ll need to compare all your options.
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.
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.
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.