Medicare Supplement Plans in Colorado: A Comprehensive Guide

Colorado residents can choose from 10 standardized Medicare Supplement Plans, each with its own unique benefits and price points.

Plan A is the most basic option, covering essential expenses like coinsurance for hospital stays and skilled nursing care.

Plan F is a popular choice, offering comprehensive coverage that includes deductibles, coinsurance, and copays.

Colorado Medicare beneficiaries can enroll in a Supplement Plan during their Initial Enrollment Period, which typically begins three months before their 65th birthday.

Medicare Supplement Plans, also known as Medigap plans, are optional private insurance plans that you can add on to your Original Medicare coverage. These plans can be used to help pay for your share of the cost for Medicare-covered services.

Medigap plans are standardized by Medicare and regulated by state laws and insurance commissioners. You pay a monthly premium for Medigap, and costs and availability vary depending on factors like your age, gender, the insurer, and your state of residence.

In Colorado, you can choose from different Medigap plan types, including Plans F and G, which are the most popular and comprehensive options. Plan F is no longer available to people who are eligible for Medicare after December 31, 2019.

Here's a comparison of some Colorado's Medigap providers:

Medicare Supplement plans are designed to cover out-of-pocket costs under Original Medicare.

Medicare Part A covers inpatient services received in a hospital or skilled nursing facility (SNF) as well as hospice care. Medicare Part B covers outpatient services like doctor visits, durable medical equipment (DME), outpatient procedures performed in surgery clinics or hospitals, lab work, and more.

Original Medicare does not include prescription drug coverage, vision, dental, or hearing aids. You cannot use a Medigap plan to pay for these services.

Medigap plans are standardized, meaning each plan "letter" provides the same benefits no matter which insurance company you choose.

Medigap plans are standardized by Medicare and regulated by state laws and insurance commissioners. You pay a monthly premium for Medigap, and costs and availability vary depending on your age and gender, the insurer, and your state of residence.

In Colorado, Plans F and G are the most popular and comprehensive Medigap plan types. Plan F is no longer available to people who are eligible for Medicare after December 31, 2019.

Monthly premiums for Plan G for a 65-year-old female who doesn’t use tobacco range from $101 to $403. This highlights the importance of shopping around for the best rates.

Colorado does not require Medigap insurers to offer plans to disabled Medicare beneficiaries under age 65, so plan options for this group are limited.

To help you make an informed decision, here are some ratings of Colorado’s Medigap providers:

The cost of Medicare Supplement plans in Colorado can vary significantly. Premiums for Medigap plans in Colorado range from $35/mo for a high-deductible Plan G or Plan F, to $1,169 for the highest cost Medigap Plan A.

Personal factors such as age, gender, and tobacco use can affect a plan's cost. For example, women typically pay less than men, and plans with a lower benefit level will have a lower monthly premium.

Here are some average premium ranges for a plan in a highly populated Colorado ZIP Code, based on age and gender:

Premiums can also vary depending on the insurance company and the plan type.

The cost of Medigap plans in Colorado can vary significantly. Premiums range from $35/mo for a high-deductible Plan G or Plan F to $1,169 for the highest cost Medigap Plan A.

Personal factors like your age, gender, and whether you smoke tobacco products can affect the cost of your plan. Your location also plays a role, with household discounts available with some Medigap plans.

Insurance carriers and the policy's pricing structure are also key factors in determining the cost of your Medigap plan. Some plans may be rated (priced) in three different ways: community rated, issue-age rated, or attained-age rated.

Here's a breakdown of the three rating methods:

Most insurance carriers in Colorado use the attained-age rating method, which means premiums will generally increase as you age. However, the community-rated method ensures that everyone in the same geographic location pays the same premium, regardless of age.

Excess charges are allowed in Colorado, but not in every state.

In Colorado, you can be charged up to 15% more than the Medicare-approved amount for a Medicare-covered service.

This can only happen if the physician you're seeing doesn't accept Medicare assignment.

To avoid these extra costs, make sure to speak with your doctor and confirm they accept Medicare assignment.

Medigap plans are standardized, so once you've chosen the type of plan that best fits your needs, you only need to focus on two things: the insurance company's customer service reputation and current premiums and estimated future premiums.

You'll need to compare Medicare Supplement Insurance plans available in your area, considering factors such as monthly premium, benefits, insurance provider, and extra discounts.

The monthly premium is in addition to your Part B monthly premium, so it affects your monthly cash flow. You pay whether or not you access your benefits.

Basic coverage for Part A copays and coinsurance and at least a portion of Part B copays and coinsurance, three pints of blood, and hospice care are offered with every type of plan.

To make a decision, you'll want to look at ratings and past experience with the carrier you're considering. Contact a company representative to get an idea of their customer service and responsiveness.

Some plans and insurers offer added perks or discounts once you become a member, such as discounted hearing aid providers or eyeglass suppliers.

Here are the three most common pricing methods:

The top Medicare Supplement plans in Colorado are Medigap Plan F, Plan G, and Plan N. These plans are the top choices in most states nationwide due to standardization and their comprehensive benefits.

You qualify for Medicare Supplement Insurance in Colorado if you're 65 or older and enrolled in Original Medicare, or if you're under 65 and qualify for Medicare due to a disability. You'll get guaranteed issue rights, which means you can't be denied coverage or charged more for it, even if you have pre-existing medical conditions.

Your Medicare Supplement Open Enrollment Period begins on the first day of the month you turn 65 and are enrolled in both Parts A and B, and lasts for six months. This is the best time to enroll in a Medigap plan, as you won't be subject to medical underwriting.

If you don't qualify for guaranteed issue rights and your Medigap Open Enrollment Period has ended, your application will go through medical underwriting. This involves a series of questions about your age, medical history, tobacco use, and more.

To enroll in a Medigap Plan, contact the insurance company to make sure you're in your open enrollment period or have guaranteed issue rights. You can also use Medicare's online plan finder tool to help you locate plans and providers in your zip code.

You'll get the best prices and the most choices if you purchase a Medigap plan during the initial six-month open enrollment period. If you don't buy a Medigap plan when you're first eligible for Medicare, there's no guarantee you'll be able to buy a plan later on, and you could pay more if you do get one.

Here are the situations that may give you guaranteed issue rights to purchase a Medigap policy, regardless of your health conditions or pre-existing health conditions:

If you're eligible for Original Medicare, you can purchase a Medigap plan. However, if you don't buy a Medigap plan when you're first eligible for Medicare, there's no guarantee you'll be able to buy a plan later on, and you could pay more if you do get one.