Colorado residents on Original Medicare can supplement their Part A and Part B coverage with Medicare Supplement Insurance (Medigap plans). There are ten different plan options available in Colorado. Each plan pays different out-of-pocket costs.
This article breaks down the best Medigap plans and insurance companies in Colorado for 2024.
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What You Need to Know
- Colorado Medigap plans are offered by private insurance companies, not the government.
- There are 10 different plan options available, labeled A through N, each providing a different level of Medicare coverage.
- Colorado residents become eligible for Medigap coverage at age 65.
- All plans offer coverage for Medicare Part A coinsurance and hospital costs, Medicare Part B copayments or coinsurance, and the first three pints of blood.
- Most plans also cover the Medicare Part A deductible and Skilled Nursing Facility coinsurance.
- It's important to note that Medigap does not cover long-term care, vision, dental, hearing aids, or private-duty nursing.
- The average costs for a 65-year-old can vary significantly based on factors such as gender, tobacco use, your location in Colorado, and the level of coverage you select.
- Medigap policies are not classified as health insurance; they fall under indemnity insurance and operate under their own set of rules.
The 5 Best Medicare Supplement Plans Sold in Colorado
There are ten different Medicare Supplement Plans. These plans are labeled A through N and are standardized by the federal Medicare program.
The top-rated plans in Colorado for 2024 include Medicare Supplement Plan F, Plan C, Plan D, Plan G, and Plan N. They are considered the best because they provide the most extensive coverage.
Which one of these plans is the best choice for you?
HELPFUL READING: Medicare Plan G vs Plan N: Which is Better?
An easy way to quickly understand the ten plans is to refer to a Medigap plan chart. This chart illustrates how each policy helps cover the Medicare Part A and Medicare Part B out-of-pocket costs (deductibles, coinsurance, and copayments) for Colorado residents.
Comparing Medicare Supplement Plans in Colorado
Every Medicare beneficiary has unique requirements. Your age, gender, Colorado zip code, utilization of medical services, preferred healthcare providers, emergency care needs, and necessities for medical supplies and durable equipment all contribute to the factors you must consider.
These factors play a significant role in determining your available plan options. It's essential to carefully assess your needs for outpatient and inpatient care when deciding.
When Best = Most Coverage Available in Colorado
Most insurance experts agree that Plan G is the best option in Colorado if you are signing up for Medicare with one or more chronic health issues. It offers the most coverage you can buy if you qualify for Medicare on or after January 1, 2020.
NOTE: Plan F offers more coverage than Medicare Supplement Plan G, but it costs significantly more, and it is only available if you qualify for Medicare before 2020.
- Get Plan F and Plan G Quotes in Your Zip Code
- See All Companies Offering Plan F in Colorado
- See All Companies Offering Plan G in Colorado
When Best = Excellent Protection & Cost-Effective Premiums
If you are enrolling in Medicare and find yourself in excellent health or require solid coverage but have budget constraints that prevent you from considering Plan G, Medicare Supplement Plan N presents a viable alternative. Plan N provides comprehensive coverage throughout Colorado for inpatient hospital stays and most medical expenses.
Plan N is particularly suitable for individuals in good health because it involves cost-sharing. In return for lower monthly premiums, participants in this plan contribute a nominal copayment. For doctor office visits there's a $20 copay. If you use the emergency room you'll pay up to $50.
When Best = Cheapest Plan Available in Colorado
Not everyone in Colorado needs or can afford comprehensive coverage. When your monthly premium amount is a concern, ask your insurance agent to advise you on Medicare Supplement Plan K and High Deductible Plan G (HDG).
These are the two lowest-cost plans available. Many savvy Colorado seniors prefer these plan options over a Medicare Advantage plan.
Are Plan A, B, C, D, L and M Available in Colorado?
Medicare Supplement Plan A represents the most fundamental coverage available. Surprisingly, in many areas of Colorado, its cost exceeds that of Plan N. Why pay more for less?
Medicare Supplement Plan C and Plan D provide coverage similar to Plan G but come at a higher cost. Additionally, similar to Plan F, Plan C is exclusively accessible to Colorado beneficiaries who enrolled in Medicare prior to 2020.
It's worth noting that only a select few insurance companies in Colorado offer Plan L or Plan M.
What Makes One Insurance Company Better than Another?
Every Medicare Supplement Insurance provider operating in Colorado is bound by federal and state insurance regulations. They are required to offer the standardized Medigap plans identified by letters A through N.
For example, a Plan F policy from Aetna Medicare covers the same out-of-pocket costs as a Plan F policy from Mutual of Omaha, United Healthcare, Humana, Cigna, or Blue Cross Blue Shield. This standardization simplifies the comparison of Medigap plans, setting them apart from the variability often found in Medicare Advantage plans.
The crucial difference is the financial strength and quality of the carrier and how they rate their plan for annual premium increases. It's critical to do your research and get the rate increase history on the company you're considering.
Colorado state laws may influence the plans offers, rating methods available, and enrollment qualification. Visit the Colorado Department of Insurance website at http://www.dora.state.co.us/insurance for more information.
Medicare Supplement Plan F Companies in Colorado
Medicare Supplement Plan F (Medigap Plan F) is Colorado’s most popular Medigap plan. Here are the 10 best companies that offer Plan F policies in Colorado based on our reviews (click for details):
Required Benefits of Plan F in Colorado
Medigap Plan F is standardized like all Medicare Supplement Plans in Colorado. Insurance carriers are required to cover certain benefits. Plan F is the most comprehensive plan because it covers all gaps in Original Medicare.
Although Original Medicare does not cover foreign travel medical emergencies, Plan F does (up to 89%). In addition to this extra benefit, companies may offer limited additional features. One example is Physician Mutual’s Preventive Care and Hearing Loss Testing benefits.
Medicare Supplement Plan G Companies in Colorado
Medicare Supplement Plan G (Medigap Plan G) is rapidly gaining popularity with Colorado seniors. With Plan F no longer available to new Medicare beneficiaries, Plan G is the new gold standard. Here are the 10 best insurance companies that offer Medigap Plan G policies in Colorado based on our reviews (click for details):
Required Benefits of Plan G in Colorado
All Medigap plans in Colorado, including Medigap Plan G, are standardized. Insurance companies must provide the standard coverage. Plan G covers all gaps in Original Medicare except the Part B deductible. And it only covers 80% of foreign travel medical emergencies that fall within your policy’s limits.
Companies may offer additional features like UnitedHealthcare’s fitness program, Renew Active, or the Silver Sneakers fitness program.
Medicare Supplement Plan N Companies in Colorado
Medicare Supplement Plan N is similar to Plan D (not to be confused with Medicare Part D) but covers Medicare Part B coinsurance costs differently. Due to its lower cost and good coverage, it's catching the attention of many Arizona seniors. Here are the 10 best insurance companies that offer Medigap Plan N policies in Colorado based on our reviews (click for details):
Required Benefits of Plan N in Colorado
All Medicare Supplement Plans in Colorado are standardized, including Medigap Plan N. Like Plan G, Plan N does not cover the Part B deductible. It also does not cover Part B excess charges. But it does cover 80% of foreign travel medical emergencies up to the policy’s limits.
Medicare limits the types of extra benefits companies can offer. One excellent additional benefit is UnitedHealthcare’s NurseLine, which lets you talk to an experienced nurse, day or night.
Medicare Eligibility for Medicare Supplement Plans
In Colorado, you have the opportunity to apply for a Medicare Supplement Plan during your Medigap Open Enrollment Period (OEP). This six-month period commences upon your enrollment in Medicare Part B. Your Medicare eligibility date determines your available plan types.
Under federal law, you are granted guaranteed issue rights throughout your Medigap Open Enrollment Period. This means you can secure a Medigap plan during this period, regardless of your health history or chronic health conditions. You can apply with any insurance company in Colorado that sells Medicare Supplement Insurance.
Enrolling in a Medicare Supplement Plan in Colorado typically involves assistance from a licensed insurance agent. If you don't have an insurance agent, we recommend HealthCompare, an Allstate company. You can reach them at 1-855-728-0510 (TTY 711). They sell policies from the leading insurance companies nationwide, and there's no obligation.
Is a Medicare Supplement Right for You?
When a Medicare Supplement Insurance Plan May Be a Good Fit:
- You anticipate needing frequent healthcare services now or in the future and prefer to limit your deductibles and co-pays.
- You have the financial means to comfortably afford the monthly premiums associated with Medicare Supplement Insurance and do not qualify for Medicaid.
- You value the freedom to choose your healthcare providers and doctors without the constraints of network restrictions.
- You require nationwide coverage and/or plan to travel abroad.
- You are in your Initial Enrollment Period, granting you guaranteed issue rights to enroll in a Medigap plan, regardless of your current health condition.
- You want to avoid the constraints, referrals, and pre-authorization requirements associated with Medicare Advantage plans.
When You May Want to Consider Alternatives to a Medicare Supplement:
- You do not anticipate the need for frequent healthcare services now or in the future.
- You missed your Medigap open enrollment period and cannot pass medical underwriting to obtain your preferred Medigap policy.
- You prefer a Medicare Advantage plan with low or no monthly premiums.
- You already have Medicaid, TRICARE, VA benefits, retiree benefits, or other coverage options that cover most of your Medicare out-of-pocket expenses.
- You are interested in an HMO or PPO plan with a Part D prescription drug plan, Silver Sneakers, and routine dental, vision, and hearing care.
- You are comfortable adhering to the rules and limitations of a Medicare Advantage plan.
Alternatives to Colorado Medicare Supplement Plans
If you have decided that a Colorado Medicare Supplement Plan is not right for you, or that none of the 10 plan types works with your budget, there are several options:
- Stick with Original Medicare, add a Medicare Part D plan for prescription drug coverage, and pay all Part A and Part B deductibles, coinsurance, and copays costs out-of-pocket. NOTE: This is very risky, no matter how healthy you are.
- If you qualify for both Medicare and Medicaid, or have a serious health condition, enroll in a Medicare Advantage Special Needs Plan.
- If you have VA health benefits, get all of your healthcare from your nearest VA hospital. When you do, the VA will bill Medicare and pay the remainder.
- Enroll in a Medicare Advantage Plan with a low maximum out-of-pocket (MOOP) limit and reasonable copayments.
It's important to carefully weigh your options and consider your unique healthcare needs when deciding on the right path for your Medicare coverage. Each choice comes with its own advantages and considerations. If you require further guidance or have questions about the options available to you in Colorado, don't hesitate to reach out to our preferred agency, HealthCompare, at 1-855-728-0510 (TTY 711).
The next step is to get a FREE Medigap Rate Comparison Report. It will arm you with all of the information you need to make an informed decision.
MedicareWire is a Medicare consulting agency. We are not insurance agents. Our job is to help people navigate Medicare without marketing interference.
Our free report will show you rates from all carriers without a sales pitch. No Calls. No Email Spam. No Kidding!
If you would prefer to speak with an agent, our preferred, nationwide agency is HealthCompare, an Allstate company. Give them a call at 1-855-728-0510 (TTY 711).
Citations & References
- Costs of Medigap policies, Medicare.gov, Last Accessed October 4, 2023
- What's Medicare Supplement Insurance (Medigap)?, Medicare.gov, Last Accessed October 4, 2023
- Find a Medigap policy that works for you, Medicare.gov, Last Accessed October 4, 2023
- How to compare Medigap policies, Medicare.gov, Last Accessed October 4, 2023
- How Original Medicare works, Medicare.gov, Last Accessed October 4, 2023
- Your Medicare coverage choices, Medicare.gov, Last Accessed October 4, 2023