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Colorado Medicare Supplement Plans

What Are Medigap Plans?

Medicare Supplement insurance, also known as Medigap, is a type of insurance that covers some of the gaps in Original Medicare. These plans allow you to cover out-of-pocket costs that you would otherwise have to pay, such as deductibles, coinsurance, and co-payments.

There are 12 different types of Medigap plans that are available in most states, including Colorado. Each plan is identified by a letter, and each plan provides a different level of coverage. The plans with higher letters cover more out-of-pocket costs than those with lower letters.

While the benefits offered by each plan are standardized, the premiums can vary significantly from one insurer to the next. If you’re looking for a Medicare Supplement insurance plan in Colorado, you’ll need to contact insurers directly to get quotes and compare your options.

When To Enroll In A Plan

You can enroll in a Medigap plan at any time. However, there are certain times when it may make sense to sign up for a plan.

For example, if you’re turning 65 and enrolling in Medicare for the first time, you may want to consider signing up during your initial enrollment period. This is the six-month period that starts the month you turn 65 and are enrolled in Medicare Part B. During this time, you can enroll in a Medigap plan without undergoing medical underwriting.

If you’re already enrolled and want to switch to a new plan, you can do so during the annual open enrollment period. This period runs from October 15th to December 7th each year.

What You Need to Know About Premiums

The premium is the amount you pay monthly for your Medigap plan coverage. In Colorado, Medigap premiums can vary significantly from one insurer to the next. Keep in mind that premium is just one factor to consider when comparing Medigap plans. You’ll also want to look at the benefits offered by each plan and make sure the coverage meets your needs.

When you’re comparing Medigap plans, be sure to ask about the premium and any discounts that may be available. Some insurers offer discounts for things like being a non-smoker or having automatic premium payments set up.

What You Need to Know About Benefits

While all Supplement plans must offer the same core benefits for each plan letter. Medicare Advantage plans vary by company and location.

Beneficiaries can choose to enroll in a Medicare Advantage plan or a Medicare Supplement insurance plan. It’s important to compare the different types of plans before deciding.