Colorado Medicare Supplement insurance plans are a form of private health care coverage for those who have Medicare plans. The plans meet gaps in coverage and lower out-of-pocket costs for those with Medicare plans. The coverage can be used to handle the costs for things like copay’s, deductibles and coinsurance.
All supplemental plans contain identical core benefits across all carriers. While these plans contain a lot of great features, plans do have limitations. Colorado Medicare Supplements do not cover hearing aids, vision care, prescription drug medications, long term care and private nursing. Below we’ll discuss how a carrier determines the rates, the different plans available, when to enroll, some state facts and how to apply.
Colorado Medicare Supplement Plans
For Colorado Medicare supplemental insurance, there are ten different types of policies available. With CO Medicare Supplement plans, the amounts are set to limit how much you pay for any out-of-pocket costs incurred. You’ll have the option to choose your level of coverage provided.
All 10 Medigap plans are standardized, this means that each letter plan will include the same benefits no matter which carrier you purchase it from or where in the state you purchase it from. So if you choose to purchase Plan F from Aetna in Denver or the same Plan F in Durago from Cigna, the benefits will be exactly the same.
Colorado Medicare Supplement Insurance Rates
Colorado Medicare Supplement insurance rates are decided by the provider offering the plan. There’s three ways a provider can base their decision off what they want charge each enrollee.
- Attained Age Rated:The recipient’s monthly premium is based off their age at the time they enroll and can increase as they age.
- Community Rated: Regardless of the recipient’s age, everyone is charged the same set monthly premiums.
- Issue Age Rated: Like the attained age rated option above, recipient pay a premium based off their age at the time they enroll. The only difference is the premiums do not increase as they age.
Colorado Medicare Supplemental Insurance Comparison
To compare Colorado Medicare Supplemental plans side by side, you first need to understand Medicare Supplement Plan A Coverage. This plan has the core policy benefits that’s included across all plans. From there, each letter plan will add additional benefits on top of those core benefits. Plans G, K, L, M, and N usually have lower premiums but higher out-of-pocket costs left up to the recipient to pay.
Medicare Supplement Plan K & L are sometimes referred to as “cost sharing” plans. Medicare Part F plans are the most popular choice because it offers the most coverage benefits.
You’re eligible for a plan if you have a qualifying disability or are at least 65 or older. You can enroll in a supplement policy only if you have enrolled in a Medicare Part A & Medicare Part B. If enrolled in a Medicare Advantage, your coverage must end when your supplement insurance coverage begins.
You cannot be denied coverage for any plan if you enroll during open enrollment period, this period is six month long and begins the first day of the month you turn 65 and are enrolled in Part B of Medicare. If you’re under 65 and on disability, you can still purchase a supplement plan. Not all states will offer these plans to those disabled under 65, thankfully for residents, Colorado offers all of the plans.