Medicare Supplement

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Medicare Supplement insurance, also called “Medigap,” can help you pay for costs not covered by Original Medicare, including deductibles, copayments and coinsurance. Some plans also offer extra coverage, such as foreign travel care.

Understanding Colorado Medicare Supplement Insurance

Some Medicare supplement plans provide just a little help with out-of-pocket expenses, while others provide comprehensive help in addition to providing extra benefits. Colorado Plans are named using letters of the alphabet and are standardized by the federal government. That means a Medicare Supplement Plan F in Colorado must offer the same minimum benefits as a Plan F in another state. However, companies do not have to charge the same — and they don’t. Medicare gap insurance costs vary between plans and between companies, which is why it makes sense to comparison shop when looking for a policy.

Is Medigap the right choice for you?

We know how important it is to choose the right combination of Medicare benefits. With no networks and the freedom to use any doctor or health care provider you choose who accepts Medicare, Medicare Supplement is a practical choice for many seniors who need Medicare secondary insurance. When costly deductibles, premiums and copayments start to add up, the right plan can really help, shouldering many of these out-of-pocket expenses. Our Medicare supplement insurance brokers can help you every step of the way in making a decision that works for you.

To be eligible to buy a plan, you must be enrolled in Medicare Part A and Part B in Colorado. Medicare Supplement does not take the place of Original Medicare, but instead supplements your Medicare benefits. In addition to a monthly premium, you will be responsible for paying your Part B premium.

Note: Medicare Supplement insurance plans do not offer prescription drug coverage. If you need drug benefits, you must enroll in a stand-alone prescription drug plan offered through Medicare.

Colorado Medicare Supplement Insurance — Summary of Important Details

  1. To be eligible for Medicare Supplement, you must have Medicare Part A and Part B.
  2. Buy a policy when you are first eligible to avoid paying more or being denied.
  3. You may not have Medicare Supplement and Medicare Advantage at the same time.
  4. You will pay a monthly premium for both your policy and Medicare Part B.
  5. Medigap does not cover prescription drugs; if you want coverage, you must purchase a stand-alone Part D plan or replace your coverage with a Medicare Advantage plan with drug benefits.
  6. Policy benefits are standardized, the premium and additional services are not.

To determine the best Medicare supplement plans that will work for you and your lifestyle, contact our experts today.