Colorado is a beautiful state to live in, and Medicare beneficiaries agree. There are 530,678 Colorado residents on at least one part of Medicare. Today, we will talk about some Medicare figures and costs in the state.
Following that, we’ll overview the basics of Medicare, followed by supplemental Medicare plans. Finally, we’ll cover some state Medicare resources and FAQs.
Medicare in Colorado: Facts & figures
- Medicare beneficiaries enrolled in at least one part of Medicare
- 530,678 total
- 464,569 aged 65 and older
- 66,109 under 65
- Medicare beneficiaries enrolled in Both Medicare Parts A and B
- 444,000 total
- 386,970 aged 65 and older
- 57,030 under 65
- Medicare beneficiaries enrolled in Medicare Part A
- 522,658 total
- 456,554 aged 65 and older
- 66,104 under 65
- Medicare beneficiaries enrolled in Medicare Part B
- 452,020 total
- 394,985 aged 65 and older
- 57,035 under 65
Medicare costs in Colorado for 2024
Americans 65 and older or under 65 with certain health conditions can receive Medicare. Most Americans will receive Medicare Part A with a zero-dollar premium. 2020 Medicare Part A costs include a hospital deductible of $1,632 and a per-day copay of [GCBB#part-a-inpatient-coinsurance-days-61-90] for days 61-90.
Medicare Part B will have a monthly premium for most people. Medicare Part B costs also include a $240 annual deductible, and you’re responsible for 20% of the cost of the service. These Medicare costs are the same regardless of where you live.
|Medicare Part A Costs in 2023||Medicare Part B Costs in 2023|
Original Medicare coverage
Original Medicare is the term used when referring to both Medicare Part A, and Part B. Part A covers your hospital inpatient, hospice, and skilled nursing services. Medicare Part B covers physician visits, durable medical equipment, lab services, drugs administered in the doctor’s office, and outpatient services.
|Medicare Part A (Hospital Coverage)
||Medicare Part B (Medical Insurance)
Medicare plans in Colorado
You have a few options when considering supplemental coverage for your Medicare. Unlike Original Medicare, the costs and coverage benefits can vary depending on where you live.
Original Medicare doesn’t cover prescription drugs, so you have two choices to offset this. You can enroll in a stand-alone drug plan, Medicare Part D. Or you can elect to enroll in Medicare Part C.
All coverage for prescription drugs is required to follow four coverage phases.
- Deductible Phase
- Initial Coverage Phase
- Coverage Gap Phase – Donut Hole
- Catastrophic Phase
The drug costs will move you through the tiers throughout the year. In addition, all plans organize drugs into drug tiers to determine costs.
Medicare Part D plans in CO
Medicare Part D is coverage for drugs you pick up from the pharmacy. They are insurance plans offered by private companies that follow the Medicare standard. The average cost for a Part D plan is $31.50.
Medicare Advantage plans in CO
Medicare Part C is another way to receive your Medicare benefits. These plans essentially pay instead of the Original Medicare.
With a Medicare Advantage plan, you’ll pay the plan’s cost-share instead of the Medicare cost-share. These plans usually include drug coverage and benefits above and beyond what Medicare covers.
Medicare Supplement plans in CO
Medicare Supplement plans are insurance policies that fill in the gaps of Original Medicare. Since they supplement Medicare and pay some or all of your cost share, you still maintain the benefits of Original Medicare.
These benefits include no need for referrals or networks. Medicare Supplements are standardized, meaning the coverage is the same no matter where you live. However, the costs could vary.
Colorado Medicare resources
There are a variety of resources available to Medicare beneficiaries. Below, we’ll list some options available to Medicare beneficiaries in Colorado.
- SHIP – State Health Insurance Assistance programs help you navigate the complex Medicare system.
- Medicaid – Medicare assists lower-income beneficiaries
- Colorado Department of Insurance
- Connect for Health Colorado
- Colorado Department of Public Health
We’re your go-to one-stop shop if you’re enrolling in a Medicare Supplement plan. We can assist you with anything regarding Medigap plans.
Colorado cities with estimated premiums for Medigap coverage
All cities in Colorado come with their premiums for Supplemental Medicare coverage. Here are some of the most extensive areas in the state:
Is Medicare free in Colorado?
Generally, Medicare Part A doesn’t have a premium because you have paid into it as your Medicare tax. Medicare Part B will have a premium for most beneficiaries.
How Much Does Medicare Supplement Plan G Cost in Colorado?
Medigap Plan G can be as low as $112 but as high as $400. Your age, health, and location can affect the rate.
What’s the most expensive Medigap Plan in Colorado?
Plan F is typically the most expensive Medicare Supplement option. It’s also the most comprehensive option because it covers all your Medicare cost-share.
How to sign up for Medicare plans in Colorado
With all the options available, Supplemental can be a confusing product to shop for. Fortunately, we’re here to help. We have licensed agents that specialize in Medicare and are experts in the market.
Our goal is to make it easy for you. We’ll educate you on your options and assist you in enrolling in the Medicare option you choose. Give us a call or fill out our online request form.