August 24th 2023
By Ari Parker
Colorado Medigap plans help Medicare beneficiaries save on out-of-pocket costs. Learn about Medigap plan options, the best Medigap plans, and how to enroll.
Because Original Medicare doesn’t cover about 20% of costs for covered services, many Medicare beneficiaries choose to purchase additional Medicare insurance. Medicare Supplement (also called Medigap) plans are a popular option for those who want to stay on Original Medicare, rather than switching to Medicare Advantage.
There are ten types of Medigap plans available to Colorado residents. Each plan type is named by letters A-N. There are also two high-deductible versions of the two most popular plans: Plan F and Plan G.
Note: Plans F and C and not available for Medicare beneficiaries who turn 65 after January 1, 2020.
There are ten types of Medigap plans in Colorado, plus a high-deductible option for both Plan G and Plan F.
The most popular Medigap plans for new Medicare beneficiaries are Plan G and Plan N.
Plan F and Plan C are not available to anyone who turns 65 after January 1, 2020.
Each plan of the same type, (e.g., every Plan N) has the same coverage, even if pricing varies.
Each Medigap plan reduces your out-of-pocket costs, but each has slightly different coverage. For example, most of them cover 100% of your Part B coinsurance, but plans K and L cover 50% and 75%, respectively.
Look at this Medigap plan comparison chart to learn about the differences. For those who are new to Medicare, the most popular plans are Plan G and Plan N because they provide the highest level of coverage available to those who turn 65 after January 1, 2020.
Plan G is the “best” Medigap, in that it provides the most coverage. Plan F was previously the most popular, but it’s not available to anyone who turns 65 after January 1, 2020. Which plan is right for you, depends on a number of factors, including what you can afford in monthly costs for Medicare premiums and what level of healthcare coverage you need.
There are 51 Medigap Plan G policies in Colorado, with premiums ranging from $113-$889. These Plans are offered by 37 insurance carriers, including AARP - United Healthcare, Cigna, Humana, and Mutual of Omaha. (Data from 2023.)
There are multiple factors that can affect the cost of a Medigap plan in Colorado. For all Medigap plans in Colorado in 2023, premiums range from $35/mo for a high-deductible Plan G or Plan F, to $1,169 for the highest cost Medigap Plan A.
Personal factors that may affect a plan’s cost include:
Your age
Your gender
Whether or not you smoke tobacco products
Your location
Household discounts available with some Medigap plans
Plan factors that affect cost are:
Insurance carriers
The policy’s pricing structure
Medigap plans may be rated (priced) in three different ways. Regardless of your plan’s pricing structure, your premiums may be higher or lower due to the personal factors mentioned above. Premiums may increase due to your pricing structure, and they also may increase due to economic factors, like inflation.
Community-rated (also called no age-rated) policies, everyone who’s on the same policy pays the same premium, regardless of age. If your policy is community-rated, your price will not increase as you get older.
People with issue-age-rated (also called entry age-rated) policies, will pay different premiums based on what age they were when they first enrolled in the plan. Premiums are lower for people who joined when they were younger. If you’re on an issue-age-rated plan, your premiums won’t increase due to age.
Attained-age-rated policy premiums will increase as you age. The premiums are determined by your current age (the age you’ve “attained”). These plans are often attractive to new Medigap enrollees because of their lower prices, but it’s important to know that your premiums will increase over time.
Medigap plans are standardized. So, once you’ve chosen the type of plan that best fits your needs, you only need to focus on two things:
The insurance company’s customer service reputation
Current premiums and estimated future premiums
Our Colorado Medicare Advisors are here to help you find the right Medicare coverage for you, based on your individual health and financial situation. We provide free, unbiased advice and extended support to ensure every American gets access to the affordable, high-quality healthcare they deserve.
Our licensed Medicare Advisors provide free advice and support! Schedule a free consultation or call us at (855) 900-2427 to get your questions answered and feel confident in your Medicare decisions.
