Medicare health insurance is a national health insurance program designed to offer older persons living on a fixed income with inexpensive health coverage. Original Medicare consists of Part A, which mostly covers hospital visits, and Part B, which handles doctor visits and outpatient procedures. Unfortunately, Medicare doesn’t cover every single cost, and the expensive gaps in Original Medicare coverage which exist today could cause catastrophically high hospital bills if you aren’t protected. One inexpensive answer to this dilemma is to find supplemental coverage through a Medicare supplemental insurance (a.k.a. “Medigap”). Policy. For anyone who is at least 65 years of age and presently enrolled in Medicare, signing up for a Medigap policy is relatively easy.
The price of a Medicare Supplement plan in Colorado depends on a number of underwriting factors. The good news is you can’t be denied coverage. If you qualify for Medicare, you qualify for Medicare Supplement. How much your plan will cost depends in part on your general health, smoking history, age, and gender. Also, because of the variances in healthcare costs by community, where you live will have an impact on what you pay. To assist you in making comparisons of insurance companies, we have provided a chart that estimates what people near you are paying for their plans.
Federal Regulations for Medicare Supplements
The Centers for Medicare and Medicaid Services (CMS) are tasked with regulating the Medicare supplement plans that insurance agencies may offer. Currently, you can find ten plans: A, B, C, D, F, G, K, L, M, and N. CMS legislation makes certain that Plan F in Oklahoma will give you the same coverage as Plan F in Colorado. This means that the only real variables which differ from region to region are cost, and the insurance company providing the policy.
Medigap Enrollment In Colorado
In this chart, you can easily see which plans are most popular amongst seniors in Colorado. Like most other states, Plan F is the most popular. Plan M is the least popular, with less than a handful of Colorado residents signing up for one.
Plan Coverage & Cost
Health insurance – as well as the price you pay for it – are personalized to you, the individual. Your weight, tobacco habits, age, gender, and particular location will all affect the monthly costs you have to pay for a Medicare supplement policy. To get an idea of what is available, price-wise, take a look at starting rates for common plans close to you.
Most Popular Medicare Supplement Plans in Colorado
Similar to a great many other states, Colorado residents favor Medigap Plan F above most other Medicare supplement plans. It’s fairly easy to see the key reason why: Plan F covers 100% of the coverage gaps which are present in Original Medicare and offers more benefits than the other 9 plans. On the other hand, because Plan F is so comprehensive, it is also the costliest Medicare supplement plan available.
Although plan J seems to be the second most popular plan, it is no longer available for purchase. The reasons behind this shift surround the fact that plan J used to offer prescription drug coverage. Now that Medicare Part D exists, there is no longer a need for Medigap plans with prescription drug benefits.
How do Meicare Supplement Plan Ratings Work?
The Overall Star Rating is an evaluation of a company’s performance when delivering the types of benefits each plan provides together with the ease of doing business. Areas that may be rated include screenings and tests, how well chronic conditions are managed, member experience with the plan, outstanding member complaints, and of course, customer service.
Helpful Medigap Tips & Tricks
Seniors in Colorado have some unique healthcare needs based on state and local laws. For this reason, we’re in the process of gathering data on plans near you to make sure you can get the plan you need at a great price.
Doctor/Provider Network Restrictions
One of the main reasons Medicare supplemental insurance plans are very popular among retirees is their versatility. Unlike other supplement programs, Medigap insurance doesn’t include any restricted HMO or PPO provider networks. You can use any doctor that welcomes Medicare, in any state, no matter where you happen to be. So if you love to travel, if you are in an outlying area, or if you are among the millions of “snow birds” who migrate south for the winter, your access to appropriate health care won’t be restricted.
When you purchase a Colorado Medicare Supplement plan you will be able to visit any healthcare provider that accepts Medicare including specialists. Other types of plans may limit your choice of healthcare providers to those that belong to a specific network. Doctors who accept Medicare accept what is called “Medicare assignment”. Basically, this means they agree to Medicare’s billing schedule for covered benefits, will file a medical claim on your behalf, and agree not to charge you more than the copay or coinsurance specified in your plan. Check with your doctor to see if he or she accepts Medicare.
Drug, Vision and Dental Coverage
Unfortunately, neither dental nor vision care is covered by Medicare or Medigap. Until the laws change, you will need to acquire vision & dental coverage from a private company on your own, or pay out of pocket. Prescription drugs, however, are a different story. Medicare supplemental insurance used to supply prescription drug coverage until Medicare Part D emerged. Given that Part D is providing that service for retirees, it’s no longer required for Medicare supplement plans to give such benefits.
Enrollment Options & Best Time To Enroll
Listed below are the different ways in which you can get a Medicare supplement plan. Some companies may require you to answer questions regarding your state of health before qualifying, others might limit your choices due to pre-existing conditions. If you’re lucky, simply being enrolled in Medicare may be adequate to qualify you. To learn more, have a look at our Medigap Enrollment Options page, or get hold of one of our licensed agents. They can make personal suggestions based on your unique circumstances.
- Initial Enrollment Period: Enroll in a Medicare supplement plan within your first 6 months of obtaining Medicare benefits, and you won’t get asked any invasive health questions or refused coverage.
- Guaranteed Issue: You won’t be declined for coverage, despite a health issue. This is a popular option among golden-agers transferring from an employer or group plan.
- Annual Enrollment Period (AEP): Medicare supplement insurance policies are one of the few types of insurance which isn’t plagued by the AEP. You can enroll in or change Medigap plans whenever you want all through the year.
- Underwritten: A complicated process in which you have to answer questions about your overall health and maybe endure a physical exam before your selected insurance provider will offer to provide you a policy.
Free Look Period
If you sign up for a Medigap plan but later recognize that it isn’t the right fit, there’s no need to fret – so long as you make that discovery inside the first 30 days of coverage. The “Free Look Period” gives retirees the authority to terminate their coverage for a full refund inside the first 30 days if they aren’t wholly content with their policy.
What Medigap Plan Is Best For Me?
There isn’t exactly an easy answer to this question. There are tons of Medigap providers out there that you may not even know about. But here at Medigap.com, we’ve compiled a comprehensive list of Medicare companies so that you don’t have to do a bunch of painstaking, tedious work in order to find one.
For the best plan your money can buy, it’s important to sit down and think about what your medical needs will be in the future. That way, it’ll be easier to find a plan that best suits your health care needs for an affordable price. Don’t forget to consider the company’s financial stability, customer service, and reputation.