Compare Medicare Supplement Plans in Colorado
Medicare Supplement plans in Colorado are known to fill in the gaps that Medicare doesn’t cover. You can get these plans from different insurance carriers. You have to compare Medicare Supplement Plans in Colorado.
Covering only 80% of the services received, and charging a deductible, it is advised that you have additional coverage when you have Medicare. You can get this extra coverage from private insurance companies.
Enrollment can be done at specific times of the year, the same with changing plans. You need to know your eligibility.
In this article, you will learn about the options that Coloradans have when they have Medicare. You will learn everything you need to know about Medicare in Colorado, including Part D and Extra Help.
Medicare Supplement Guide in Colorado 2020
Covering outpatient and inpatient services, Medicare is Federally funded. To qualify, you must be at least 65 years of age or have the right disabilities. In Colorado, more than 15% of Medicare beneficiaries are disabled.
First-dollar plans may not be accessible to beneficiaries that are new to having Medicare. Plan G is highly deductible, and it was released to the public in 2020.
38% of the 900,000+ people on Medicare have procured an advantage plan.
Part D comes with over 25 options, making it accessible to all beneficiaries. There are so many different options because plans vary in validity between individuals.
Keep reading to learn more about these options!
How Coverage Options Work
We are going to use Andrew as an example to show the value of having Medigap. We will show you what Andrew spends when he has a Medicare vs. Supplement plan.
Say Andrew breaks his hip, the out of pocket cost for him could be significant. Some charges may be for the ambulance ride and the deductible for Part B.
Not to mention, the leftover costs from Medicare that are Andrew’s responsibility. On top of the remaining 20%, he also has to pay a deductible for the hospital admission with Part A.
The deductible for Part A in 2020 is about $1,408. You have an annual deductible for Part B of $198. He also has an extra 15% of excess charges from Part B.
If, in the next 4 months, he finds himself with another medical emergency, guess what, he is back in the hospital. That leaves him the financial responsibility of Part A once more.
Forgetting the heart attack, the hospital bill for the broken hip alone would be thousands of dollars. In Colorado, Plan G could be less expensive than a hospital visit.
For a male who is 65, Plan G is only around $150/month. This will leave him with only the out-of-pocket costs for Part B.
Say Andrew has Plan G, then his annual cost is still lower than $2,000. Thanks to Medigap, Andrew is free to use whichever doctor he pleases without a referral. Claims aren’t a worry, and the company pays when Medicare does.
Medigap is more than a choice of healthcare, it is a choice to lessen the financial burden of unexpected hospital visits.
Colorado Supplement Plan Enrollment
If you have Part B, and it is the open enrollment period, you automatically qualify for Medigap. You must apply during this OEP. Underwriting and pre-existing conditions are not a worry if you apply within the six month enrollment period.
If you miss this window, you are risking eligibility and higher premiums. The only way this wouldn’t happen is if you have been approved for a period of special enrollment.
Some individuals choose to or have no choice but to work past the age of 65. If the employer is big enough, Part B can be delayed.
However, you could be facing a penalty for enrolling late. When you do decide to get Part B, you will still qualify for the OEP.
You can get issue rights guaranteed if your plan through your employer is primary, and you voluntarily reduce coverage.
You can speak with the benefits administrator to transition smoothly to Medicare.
Colorado Medicare Advantage Plans
To express each option’s value, we will compare Supplements vs. Advantage plans.
You will find a difference between plans in different areas. Benefits, and even costs, will vary.
Colorado has a vast amount of Medicare Advantages, such as PPOs and HMOs. The costs can range from 0$ to 120$.
Just remember, if your premium is high, it doesn’t mean you have better coverage. The same goes for a lower premium, it doesn’t mean it is affordable.
Only about 13% of the Coloradans on Advantage plans have Humana. These plans have been given 4.5 stars.
Medigap doesn’t use a star rating. However, the coverage value is expressed by the reviews of Plan G.
Find the best plan by talking to an Agent.
The first bit of information an agent will take into consideration is your zip code, medications, and doctors you prefer. Then they will search their networks to try and accommodate you.
However, there may be some medications and doctors that are not on the network. They just don’t allow Advantage plans.
Some plans include routine dental, hearing services, and vision. Part D benefits do not cover comprehensive services.
While Part D doesn’t include benefits over the counter, you can find the best perks from advantage plans.
While there is a lot of negative feedback on Advantage plans, the financial savings you get from them are dependent on the coverage. What is good for Kayla isn’t good for Andrew, necessarily.
Unfortunately, you may have to pick a new doctor. This depends on what policy you go with. Also, you may need to obtain referrals for many plans.
You also get a MOOP (Maximum out of Pocket) with advantage plans. MOOP is a safety net that prevents you from spending more than a previously determined amount on different policy approved services.
Some counties see plans with Mutual of Omaha having a MOOP of $3,400. This means you will not pay more than that amount for the year. If it isn’t covered by your plan, however, it falls to you to be responsible. Out-of-pocket payments don’t apply to your policy.
Andrew could get lower premiums and risk paying that $3,400 out-of-pocket, or he could get Medigap for $2,000/year.
You have to ask yourself, do you want to pay more later and less now?
Colorado Drug Plans
For drugs prescribed by a doctor, you will need Colorado Part D. Signing up when you are eligible will help you avoid penalty fees.
If you have a few generic meds or no meds at all, then there are Part D options that are low-cost.
Whether or not you need an extensive plan is dependent on what prescriptions you take.
Back to Andrew. If he is taking prescription drugs that are brand name, and he enrolls in a low premium policy, he is paying more in the long run. This policy isn’t suited for him.
One possible solution for Andrew is a higher premium. These generally come with a lower co-pay. If you need help picking the right Part D options, consult an agent.
A tool for finding plans is used by agents to locate the most appropriately priced policy.
You save money and time when you work with an agent.
SSD and Medicare in Colorado
If you have end-stage renal disease or have been disabled for two years or longer, you qualify regardless of age. Companies are required by the state to, at the least, offer Plan A.
There are other plans available from carriers. However, the premiums would be high. As an example, Plan F could cost different for someone who is under 65 years of age compared to what someone over that age would pay.
That being said, once they turn 65, their costs will decrease. If you find yourself in a situation where Medigap is too expensive for you, then you can find more coverage with an advantage plan than you would Medicare.
Colorado Medicare Resources
In Colorado, you will find that if you have a low income, you may be eligible for Medicaid and Medicare. In this instance, special needs plans for dual-eligibility is helpful to you.
DORA (Department of Regulatory Agencies) provides counseling services involving insurance for seniors. You can learn more and compare your options on the website for Medicare.
Some beneficiaries qualify for help with their deductibles, premiums, and co-payments. The cost of Part D is also something that can be helped with using Extra Help.
What does it take to qualify for Medicare in Colorado?
For Medicare in Colorado, the eligibility is ages 65 years or older, or you must have a disability.
Also, if you are on SSDI for at least 2 years, you are eligible.
If you are aging into Medicare, you will have to have about work credits equal to 10 years. However, if you are under 65, you may not have to worry about these credits.
How do I apply to Colorado for Medicare?
To apply, simply go to a social security office, website, or apply over the phone or online. Mailing in an application is also a valid way to apply.
As soon as you have an effective date for Part B, you can choose a supplement policy.
How do I get a Medicare Wheelchair?
You must be prescribed a wheelchair by your doctor. It must be needed medically if Medicare is going to help with the costs.
The bill will be all yours to pay if you do not use Medicare’s Suppliers of Durable Medical Equipment.
Compare Medicare Supplement Insurance in Colorado
It is important to compare Medicare supplement plans in Colorado. Sure finding insurance on your own is a choice; however, is it the best one? When you choose to use an agent, you are guaranteed to find the right plan for your financial and medical needs.
An agent will make sure that your policies are needed by you, and they will do their best to get you the greatest coverage for the fairest rates. You can also have all your questions answered by an agent.
Contact an agent today to find the right supplement plan for you.