How To Find the Best Medicare Advantage Plan in Colorado
Medicare Advantage plans offer a private, bundled alternative to Original Medicare. These plans often come with additional coverage and benefits that make them attractive, especially to people looking to save money. However, there are a few drawbacks to Medicare Advantage plans that you should understand.
In Colorado, 56% of Medicare enrollees have a Medicare Advantage plan. We’ll dive into highly-rated plans in the state, what to know about Medicare Advantage plans, and how to find and enroll in the best one for you.
Key takeaways:
There are 88 Medicare Advantage plans in Colorado. How many are available to you depends on where you live.
It’s important to understand key differences between Original Medicare and Medicare Advantage plans before you choose to enroll in a Colorado Medicare Advantage plan.
Comparing plans involves comparing benefits and costs, and choosing the best Colorado Medicare plan for you is easier with a licensed agent's help.
Quick facts about Colorado Medicare Advantage plans
When choosing a Medicare plan, you should consider your needs. Too often, people choose a plan based on what their neighbor chose or through a carrier they’re familiar with. Each Medicare Advantage plan is different, and plan availability depends on the county you live in. That said, here are some general facts about Medicare Advantage plans available in Colorado.
In 2024, 56% of Colorado Medicare beneficiaries chose to enroll in a Medicare Advantage plan.
Adam County, Denver County, and Jefferson County have the highest percentage of Medicare Advantage enrollees.
There are 88 Medicare Advantage plans in Colorado, but plan availability varies.
Ten Colorado counties have fewer than five Medicare Advantage plans.
Douglas County, Colorado has the highest number of Medicare Advantage plans available (49).
Things to know to choose the right plan for your needs
Because Medicare Advantage plans offer an alternative to Original Medicare, it’s important to understand how they differ. We explain all the details of Original Medicare vs. Medicare Advantage in this post, but below is a quick summary.
Control over your care
Original Medicare provides you with more control over the care you receive. First, Original Medicare allows you to see any doctor who accepts Medicare (which is the vast majority of doctors across the US). Medicare Advantage plans limit you to provider networks. Original Medicare doesn’t require prior authorization or referrals for specialists. Medicare Advantage plans often do require prior authorization and referrals, which can delay your access to care.
Out-of-pocket cost limits
Original Medicare only pays about 80% of costs for covered services and has no out-of-pocket maximum. Medicare Advantage plans, however, come with maximum out-of-pocket amounts, which protects you from catastrophic costs.
When you pair Original Medicare with a Medicare Supplement plan, your out-of-pocket costs are very limited. Make sure you compare Medicare Advantage to Medicare Supplement to figure out which is better for you.
Extra benefits
One of the big reasons people choose Medicare Advantage over Original Medicare is to take advantage of the extra benefits Advantage plans provide. These extra benefits can include Medicare OTC cards, prescription drug coverage, and fitness programs, like Silver Sneakers and Renew Active. These benefits can provide great value, but always make sure your healthcare needs are met first to ensure you get the care you need.
Steps for choosing the right Medicare Advantage plan in Colorado
Finding the best Colorado Medicare Advantage plan for you can be challenging. With over 40 plans in many Colorado counties, there are a lot of plans and plan benefits to compare. Below are three steps to help you in your search.
Make a list of your healthcare priorities
Jot down medical services that you need and prescription drugs that you take regularly. You should also make note of the doctors you prefer to see so you can make sure they’re in your chosen plan’s network. Finally, think about additional benefits, like dental, vision, and hearing coverage, that are important to you.
Consider your budget
The premium you pay each month is only one cost to consider when choosing your Medicare coverage. You should also look at each plan’s out-of-pocket costs, which include the following:
The deductible you owe before your insurance plan starts paying its share
Coinsurance and copay amounts, which represent your share of costs for covered services once you’ve met your deductible
Out-of-pocket maximums, which set a limit to what you’ll owe out of pocket each year
Get help comparing plans and estimated costs
Once you’ve determined your healthcare priorities and thought through your budget, it’s helpful to talk to a Medicare agent, who can help you compare the Colorado Medicare plans available to you. At Chapter, our agents will help you understand the key differences between plans as well as your estimated annual costs based on your specific needs. Get free, personalized advice by calling us at 855-900-2427 or booking a time to talk today.