I specialize in Medicare Supplements (also known as Medigap) plans for seniors in Colorado and represent all Medicare Supplement Plan types. Medicare Supplements help pay some of the cost-Original Medicare does not cover. Receive no-cost Medicare advice from an independent insurance agent.
Though Medicare Supplement (Medigap) plans are standardized by CMS (Center for Medicare and Medicaid Services) in Colorado as well as in other states, the rules governing the offerings and sale of Medicare Supplements (Medigap) may vary. There can be differences in pricing, Guarantee Issue Rights, and availability. Just because a particular plan or price is available in Colorado does not mean that a plan or price is available in another state. This article is specifically for Medicare Supplement plans (Medigap) in Colorado.
What are Medicare Supplement Plans?
As you already may know, Original Medicare does not pay all hospital or doctor costs. Additionally, Original Medicare has no maximum out-of-pocket cost.
Medicare Supplement plans (Medigap) are standardized plans sold by private insurance companies that cover the gaps in Original Medicare. Medicare Supplement plans allow you to choose any doctor or hospital that accepts Medicare and to see specialists without referrals. Do you enjoy Colorado summers but would rather spend the winter somewhere warm? Then a Medicare Supplement is the perfect choice for you. Because there are no networks, Medicare Supplement plans offer nationwide coverage. If your doctor or hospital accepts Medicare they will accept your Medicare Supplement plan.
When is the Best Time to buy a Medicare Supplement in Colorado?
The best time to buy a Medicare Supplement in Colorado is during your open enrollment period. Open Enrollment is the six-month period that starts the first day of the month you are 65 or older and enrolled in Medicare Part B. During this time, no company in Colorado can refuse to sell you the Medicare Supplement plan of your choice or charge you a higher premium due to health issues.
After your Medicare Supplement Open Enrollment Period in Colorado
If you decide that you would like to change Medicare Supplement plans or insurance companies you may do so 365 days of the year. You do not need to wait for the Annual Open Enrollment, which runs from Oct. 15 to Dec. 7 but there is no guarantee that another company will sell you a Medicare Supplement plan if you do not meet their medical underwriting requirements or qualify for a Guarantee Issue Right.
Medical Underwriting
Medical Underwriting refers to the process insurance companies use to decide whether to accept your application for insurance, what premium you will pay for that insurance, and whether to add a waiting period for any pre-existing conditions. Medical underwriting is based on your medical history.
WARNING: Never cancel your existing plan until your new Medicare Supplement insurer has approved you and you have verified your new premium. Insurance companies have different underwriting requirements. I had clients turned down by one company but approved by another company, and they were still able to save money on their monthly premiums, keep their doctor, and enjoy the same coverage.
Colorado Medicare Supplement Guarantee Issue Rights
Different states have different Guarantee Issue Rights. In Colorado, you have the following Guarantee Issue Rights:
You are in a Medicare Advantage Plan, and your plan is leaving Medicare or stops giving care in your area, or you move out of the plan’s service area.
You have Original Medicare and an employer group health plan (including retiree or COBRA coverage) or union coverage that pays after Medicare pays and that plan is ending.
You have Original Medicare and a Medicare SELECT policy. You move out of the Medicare SELECT policy’s service area.
You joined a Medicare Advantage Plan or Programs of All-inclusive Care for the Elderly (PACE) when you were first eligible for Medicare Part A at 65 and within the first year of joining you decide you want to switch to Original Medicare. (Trial Right)
You dropped a Medigap policy to join a Medicare Advantage Plan (or to switch to a Medicare SELECT policy) for the first time, you have been in the plan less than a year, and you want to switch back. (Trial Right)
Your Medigap insurance company goes bankrupt and you lose your coverage, or your Medigap policy coverage otherwise ends through no fault of your own.
You leave a Medicare Advantage Plan or drop a Medigap policy because the company has not followed the rules or misled you.
Medicare can be confusing and changing Medicare Supplement insurers can be tricky. I will provide you with the information you need to see if changing Medicare Supplement insurers or plans makes sense. If it does, I will find a top-rated company in your area and will submit the application for you.
Notes
Medicare Supplement and Medigap are two different words for the same product.
I make the complex simple by shopping the plans and rates for you. There is never a fee and you are under no obligation to use my services.
Medicare Explained in Plain English
