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Best Medicare Supplement Plans in Colorado 2020 – Comparison Chart

The best Medicare Supplement plans in Colorado for 2020 help seniors defray healthcare costs that Original Medicare does not cover. Medicare Part A and Medicare Part B pay approximately 80 percent of covered expenses. Each beneficiary is expected to pay the other 20 percent, which leaves a lot of Medicare beneficiaries with expensive out-of-pocket costs. Medicare Supplement insurance, also known as Medigap, covers deductibles, coinsurance and other costs that fall in the remaining 20 percent. Medicare Supplement plans in Colorado are sold by authorized private insurers.

Although the benefits of each plan are standardized and must be the same no matter who sells the policy, each insurer can set its own rates. This means that it’s smart for those who want to supplement their Medicare benefits with one of the Supplemental Medicare plans should compare rates to find the most affordable monthly premium for their chosen Medigap policy.

What does a Medicare Supplement Plan in Colorado for 2020 Cover?

All Medicare Supplemental plans in Colorado, starting with Medicare Supplement Plan A, must cover these things:

  • Medicare Part A coinsurance and additional hospitalization costs
  • Part A hospice care
  • Part B co-payments
  • The first three pints of blood

The best Medicare Supplement plans in Colorado cover additional expenses:

  • Medical costs incurred while traveling abroad
  •  Part A deductible
  • Coinsurance for care in a skilled nursing facility
  • Medicare Part B deductible

There are eight Medicare Supplement plans in Colorado that pay 100 percent of covered medical services after the annual out-of-pocket limit is satisfied for Original Medicare Parts A and B. Be aware that you must still pay the Medicare Part B premium — in addition to the monthly premium for the Supplemental health insurance option that you choose — to maintain your Medicare coverage through the Medicare program.

Different plan options have different monthly premiums, so comparing the plan that will offer you the most benefits throughout the calendar year but that fits within your budget is essential.

How are 2020 Rates Calculated for Medicare Supplement Plans in Colorado?

There are several factors that affect the cost of the best Medicare Supplement plans in Colorado. Each insurance company can set its own price for its insurance plans, so it is important to compare quotes. In addition, rates may vary according to where you live within the state, your habits, your gender, and your age.

A study by the Kaiser Family Foundation found that premiums were approximately 52 percent higher for an 80-year-old than a person who was 65. Medigap plan rates were approximately 8 percent higher for men aged 65 than women aged 65. Medicare Supplement insurance plan premiums for smokers were approximately 12 percent higher than those for non-smokers. Premiums for Supplemental insurance may also reflect the cost of care in your area.

Costs of the best Medicare Supplement plans in Colorado are calculated in three ways:

  • Attained-age

    Premiums increase as you age.

  • Issue-age

    Premiums are based on your age when you first buy the policy. Although rates may increase because of factors such as inflation, increases will not be based on your age.

  • Community-rated

    Premiums are the same for all policyholders regardless of age.

The majority of Medicare Supplement plans sold in Colorado are attained-age. However, community and issue-age policies are also available. Attained-age policies may be less expensive when you are younger. The disadvantage is that the cost increases as you age.

Because each insurance company can set its own rates for Medicare Supplement plans in Colorado, it pays to compare quotes. Although the benefits covered under each plan are standardized according to federal law, some companies add additional services such as 24-hour hotlines. Be sure to review the benefits covered for each plan, and see whether the company has included other services.

Medicare Supplement Plan Comparison Chart in Colorado for 2020

There are 10 Medicare Supplement plans on the comparisons chart available in the U.S., and all are sold in Colorado. Each offers a different level of coverage. Plans are designated by letters A through N, excluding letters E, H, I and J. In addition, there is a high-deductible option for Plan F. Remember that lettered Medigap plans are different than the lettered parts of Original Medicare. Also, be aware that they are not stand-alone policies; instead, your plan will work with Original Medicare.

Medicare Supplement Plan F, Medicare Supplement Plan G and Medicare Supplement Plan N are considered by many to be the best Medicare Supplement plans in Colorado.  You can compare these plans with this helpful Medicare Supplement plan comparison chart for Colorado:

Medicare Supplement Plans Comparison Chart

Please note: Medigap Plan F in Colorado will no longer be available to Medicare beneficiaries that turn age 65 after 01/01/2020. Plan F will still available to Medicare Beneficiaries who are already on Medicare Part A and Medicare Part B prior to 01/01/2020.

Do 2020 Medicare Supplement Plans in Colorado Cover Prescriptions?

Prescription drugs are not covered by Medicare Supplement plans in Colorado. If you would like prescription drug coverage, you can purchase a Medicare prescription drug plan, called Medicare Part D, separately. An insurance agent can tell you more about what your prescription drug plan will cover.

Colorado Medicare Supplement Plan Facts and Statistics

As of 2015, there were 54,347,667 Medicare beneficiaries across the United States. Colorado ranked 26th in the nation in the number of beneficiaries, with 786,473 people enrolled in Medicare Part A and Part B. The majority, 682,545, qualified because of age. However, there were 103,929 people who qualified for Medicare in Colorado because of disabilities.

Percentage of people aged 65 or older in these five Colorado counties as of 2016:

• Jefferson County 15.6 percent
• Arapahoe County 12.5 percent
• El Paso County 12.2 percent
• Denver County 11.1 percent
• Adams County 10 percent

In 2015, 164,638 people had a Medicare Supplement plan in Colorado.

Top 3 Medicare Supplement Plans in Colorado

• Medicare Supplement Plan F: 119,380 enrollees
• Medicare Supplement Plan N: 13,336 enrollees
• Medicare Supplement Plan G: 11,777 enrollees

When Can I Enroll in a 2020 Medicare Supplement Plan in Colorado?

Usually, people enroll in the best Medicare Supplement plans in Colorado when they enroll in Medicare Part A and Part B. This initial enrollment period is the best time to select a Medigap plan. You have six months from the beginning of the month of your 65th birthday or from when you enroll in Medicare Part B to enroll in a Medicare Supplement plan in Colorado with guaranteed issue rights. During this Medigap open enrollment period, an insurer must sell you a policy regardless of your health.

If you wait until this six-month period is over, you lose your guaranteed issue rights, and insurance companies are not required to sell you a policy. They may increase the cost of premiums, exclude costs for pre-existing conditions or impose a waiting period before coverage starts.

Colorado Medigap Initial Enrollment Period:

• If the company underwriting the Medicare Supplement plan goes bankrupt, has not followed the rules or ends coverage for reasons beyond your control.
• You are enrolled in a Medicare Advantage Plan and move out of the coverage area.
• If you have Original Medicare and are ending coverage in a qualifying group health plan.
• You dropped a Medigap plan to enroll in an MA plan but want to switch back within a year of joining.

Each Medicare Supplement plan in Colorado is guaranteed renewable as long as you continue to pay the premiums. Once you find, sign up for and pay for the best Medicare Supplement plans in Colorado, you can continue to enjoy coverage in the long-term.

Can I Use a Colorado Medicare Supplement Plan Other States?

One of the best features of the best Medicare Supplement plans in Colorado is that you can use the plan with any doctor, hospital or medical facility anywhere in the U.S. that accepts Medicare. There are no provider networks, and referrals are not required. If you move to another state, you can take the policy with you. However, if you move, the cost of the policy may change.

Colorado Medicare Resources

There is general information about senior healthcare and Medicare in Colorado here: Colorado Senior Health Care

Insurance companies selling the best Medicare Supplement plans in Colorado are required to sell them to people under 65 with disabilities. This website provides detailed information about policies, providers, and rates for all beneficiaries: Colorado Medigap Guide is a government website with lots of information about the Medicare program.

The Centers for Medicare and Medicaid Services provides information about both Medicare and Medicaid.