Colorado Medicare Supplement Plans, which are sold by private insurance companies, fill those coverage gaps left by Medicare Parts A and B. This often includes your Part A deductible, and your Part B 20% coinsurance. There are 10 plans to choose from, and while private companies sell them, the government regulates these plans and requires every plan with the same letter name to provide the same benefit coverage across the country. That means you’ll know what you’re getting benefits-wise when you choose a plan.
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But, while benefits are regulated, premiums can vary based on the insurance company you choose. So it’s important to compare both different Medicare Supplement Plans and different insurers to find the best plan for you. EZ can help you with comparing both; first, though, take a look at our guide to how Medicare Supplement Plans work in Colorado.
Colorado Medicare Supplement Plans
If you want supplementary coverage to fill in any gaps in Original Medicare. Especially the 20% coinsurance that you pay every time you access Medicare Part B services, a Medicare Supplement Plan is your best choice.
In Colorado, there are 10 standardized Medicare Supplement Plans that are each labeled with a separate letter of the alphabet (A, B, C, D, F, G, K, L, M, and N). It’s important to note that not every carrier will offer every plan. However, the Center for Medicare and Medicaid Services (CMS) requires that Plan A be made available by every insurance carrier. Additionally, Plans C and F can only be bought by people who became Medicare eligible before January 1, 2020.
You’ll have to pay a monthly premium for these plans. However, in return, they will cover most, or almost all, of your Original Medicare out-of-pocket expenses. In Colorado, premiums for Medicare Supplement Plans can cost anywhere between $40 and $214 a month, depending on your plan and area.
With so many options to look into, it can be challenging to keep everything straight. So, we’ve outlined each plan’s coverage and price in Colorado to help you get started.
Plan A
Medicare Supplement Plan A is the most basic option among the Medicare Supplement Plans. But even though it’s a fairly basic plan, it covers what might be the most important thing covered by Medicare Supplement Plans. Which is the 20% Medicare Part B coinsurance you pay for each medical service you access.
In Colorado, Plan A monthly premiums begin at $87.
Plan B
Medicare Supplement Plan B covers all the basics that Plan A does, including:
- Medicare Part A coinsurance and hospital costs – Part A only fully covers your first 60 days of inpatient hospital stays in a benefit period; after that. you are required to pay a portion of your bills for each day after your initial 60 days. Days 61-90 have a coinsurance of $400 a day. If your stay is between 91 and 150 days, and you use your Lifetime Reserve days, your coinsurance will be $800 a day. Plan B covers 100% of these costs.
- Medicare Part B coinsurance or copay – You’ll typically have to pay Medicare Part B coinsurance for doctor visits and other outpatient care. That means Medicare Part B pays 80% of the Medicare-approved amount for covered services, leaving you to pay the remaining 20%. Plan B covers 100% of this.
- First 3 pints of blood – Original Medicare only pays for the fourth and subsequent pints of blood if you need blood during treatment. Plan B will pay for the first three pints.
- Part A hospice care and coinsurance – Hospice care is for patients who are nearing the end of their lives. These services are covered by Medicare, but copayments are required. These copayments include $5 for each symptom and pain relief medication prescription, as well as 5% of the Medicare-approved amount for inpatient assisted living. Plan B covers all expenses related to hospice care.
The Medicare Part A deductible is the only benefit that Plan B covers that Plan A does not. The deductible for Medicare Part A is $1,600 per benefit period as of 2023. Additionally, since this deductible is based on 60-day benefit periods rather than annual benefit periods, you might find yourself needing to pay your Part A deductible more than once in a calendar year. If you believe you could require hospitalization, Plan B might be preferable to Plan A, because you won’t have to meet your deductible multiple times each year.
Medicare Supplement Plan B premiums in Colorado start at $118.
Plan C
Plan C is one of the most comprehensive Medicare Supplement Plans, although it is not available to all beneficiaries. With the exception of Medicare Part B excess charges, Plan C covers everything. This means that Plan C pays the 20% coinsurance you would typically pay for all outpatient services, as well as your Parts A and B deductibles.
Coverage includes the following:
- Part A hospital deductible and coinsurance
- Hospital costs up to an additional 365 days after Medicare benefits are exhausted
- Part A hospice care coinsurance or copayment
- Blood (the first 3 pints)
- Other Medicare-approved expenses associated with Part A hospitalization
- Medicare Part B coinsurance and copayments
- Part B deductible
- Other Medicare-approved expenses associated with Part B coverage
Unfortunately, Plan C is no longer available to Medicare enrollees who became eligible for the program after January 1, 2020. You can keep your Plan C if you purchased it before that date, and if you were eligible for Medicare before Jan. 1, 2020, but haven’t yet signed up, you might still be able to purchase it.
In Colorado, those who are eligible for Plan C can expect rates to begin at around $162 per month.
Plan D
Plan D covers the majority of out-of-pocket expenses associated with Original Medicare, including :
- Part A hospital coinsurance and hospital costs up to an extra 365 days after Original Medicare benefits are exhausted
- Part A hospice care coinsurance or copayment
- Part B coinsurance
- First 3 pints of blood
- Skilled nursing facility (SNF) care coinsurance – After the 20th day of your stay as an inpatient in a skilled nursing facility, Medicare Part A requires you to pay coinsurance. Part A coinsurance for skilled nursing facility care is $200 per day in 2023. Plan D will cover this in full.
- Part A deductible
- 80% of foreign travel emergency costs (up to plan limits)
Medicare Supplement Plan D does not cover the Medicare Part B deductible. Additionally, it does not cover Medicare Part B excess charges. If your doctor declines to accept Medicare assignment, they can charge you up to 15% more than what Medicare allows for the service. This is the difference between what your doctor invoices and the Medicare-approved amount is known as an “excess charge.” So, if you choose Plan D, you will have to pay any excess charges.
Plan D premiums start at $130 a month in Colorado.
Plan F
Medicare Supplement Plan F has long been the best-selling plan on the market, but like Plan C, it is not available to all beneficiaries. It covers all of your out-of-pocket expenses, meaning you’ll only pay your monthly Plan F premium if you have this plan. The covered expenses include:
- Part A hospital deductible and coinsurance
- Hospital costs up to an additional 365 days after Medicare benefits are exhausted
- Part A hospice care coinsurance or copayment
- Blood (the first 3 pints)
- Other Medicare-approved expenses associated with Part A hospitalization
- Medicare Part B 20% coinsurance and copayments
- Medicare-approved doctor’s office fees
- Part B deductible
- Medicare Part B excess charges
- Other Medicare-approved expenses associated with Part B coverage
The one condition is that anyone who became or becomes eligible for Medicare after 2020 is not eligible to purchase Plan F. You can buy one of these plans if you became eligible for Medicare before 2020. Additionally, if you already have Plan F, you can keep it for as long as you like.
In Colorado, Plan F premiums begin at $130 per month.
Plan G
If Plan F seems appealing to you, but you are not eligible to purchase one of these plans, consider Plan G. Almost everything covered by Plan F is also covered by Plan G, including:
- Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
- Part A deductible
- Part A hospice care coinsurance or copayment
- Part B coinsurance or copayment
- Part B excess charges (if a provider is permitted to charge more than Medicare’s approved amount and does so)
- Blood transfusion (first 3 pints)
The Medicare Part B deductible is the only major expense not covered by Plan G.
The good news is that Plan G rates are typically more competitive than those of Plan F. Premiums start at $112 per month in Colorado.
Plan K
Medicare Supplement Plan K reduces your Original Medicare out-of-pocket expenses, but it does not completely fill the gaps. Plan K only pays 50% of some expenses until you reach your out-of-pocket maximum. These expenses include:
- Medicare Part B coinsurance – Plan K covers half of these costs, so you will be responsible for 50% of your 20% Medicare Part B coinsurance. For example, if your doctor charges $100 for a service, Medicare will cover $80, Plan K will cover $10, and you will cover the remaining $10.
- First 3 pints of blood
- Part A hospice care coinsurance or copayment – Plan K will pay for half of these costs.
- Skilled nursing facility care coinsurance – Plan K pays half of the coinsurance for medical care in skilled nursing care facilities.
- Medicare Part A deductible – Medicare Supplement Plan K will pay half of these deductibles, or $800.
Plan K differs from other plans in that it has an out-of-pocket maximum. However, it requires you to pay more upfront. This means your annual out-of-pocket Plan K expenses will not exceed $6,620 (as of 2023). Once you’ve spent this much on out-of-pocket medical expenses, Medicare Supplement Plan K will pay for the rest of the year’s allowed expenses. At the beginning of each calendar year, your maximum will be reset.
Additionally, while Plan K only pays for half of the majority of expenses, it fully covers Medicare Part A coinsurance. This is the only basic benefit that Plan K covers entirely.
Plan K’s premiums tend to be lower, with plans starting as low as $40 per month in Colorado.
Plan L
Medicare Supplement Plan L also covers the majority, but not all, of Original Medicare’s out-of-pocket expenses. However, Plan L covers them at a higher rate than does Plan K. Also like Plan K, it features an out-of-pocket maximum ($3,310 in 2023), which guarantees that your insurer will cover all of your expenses once you have paid the maximum amount for the year.
Medicare Supplement Plan L covers Medicare Part A coinsurance and hospital expenses in full. It also includes a portion of:
- Medicare Part B coinsurance – Plan L covers 75% of your Part B coinsurance.
- Blood – If you require blood while in the hospital, Plan L will cover 75% of the cost of the first three pints.
- Part A hospice care copayments – Plan L pays 75% of your Part A copays for hospice care.
- Skilled nursing facility care coinsurance – Plan L pays 75% of the $200 per day (after the 20th day of your stay) coinsurance for medical care in skilled nursing care facilities.
- Part A deductible – Medicare Supplement Plan L will cover 75% of your Part A deductibles for each 60-day benefit period. You will still have to meet your Medicare Part B deductible, which is $226 per year in 2023, if you choose Plan L.
Plan L premiums start at $77 a month in Colorado.
Plan M
Medicare Supplement Plan M covers most, but not all, of the expenses related to Original Medicare.
All hospital expenses and coinsurance for Medicare Part A are covered by Medicare Supplement Plan M. It also covers:
- Medicare Part B coinsurance – Plan M pays your Part B coinsurance and/or copayments in full.
- Blood – If you require blood while in the hospital, Medicare Supplement Plan M will cover the first three pints of blood in full.
- Part A hospice care coinsurance or copayment – Plan M will cover all of your hospice care coinsurance and copays in full.
- Skilled nursing facility care coinsurance – Plan M covers the entire cost of Part A skilled nursing facility coinsurance.
- Part A deductible – Medicare Supplement Plan M will cover half of your Medicare Part A deductible. If you have Plan M, you will have to pay half of the $1,600 (or $800) deductible, rather than the full $1,600.
Plan M premiums start at $121 a month in Colorado.
Plan N
Medicare Supplement Plan N fills the vast majority of Original Medicare’s coverage gaps. The Medicare Part B deductible ($226 in 2023) and any Medicare Part B excess charges. Which are portions of medical bills that go over the Medicare-approved amount, are the sole exclusions. Medicare Supplement Plan N provides coverage for all of the following:
- Medicare Part B coinsurance – Plan N will cover your Part B coinsurance costs in full, with the exception of a copayment of up to $20 for some office visits. For emergency room visits that do not result in an inpatient admission, you may have to pay a second copayment of up to $50.
- Blood – If you require blood while in the hospital, Medicare Supplement Plan N will cover the first three pints.
- Part A hospice care coinsurance or copayment – Plan N pays your hospice care coinsurance and copayments in full.
- Skilled nursing facility care coinsurance – Your skilled nursing facility coinsurance will be fully covered by Medicare Supplement Plan N.
- Part A deductible – Medicare Supplement Plan N pays your $1,600 deductible in full for each 60-day benefit period.
- Foreign travel emergency care – Original Medicare typically does not cover medical care received outside of the United States. If you need emergency care while traveling outside of the United States, Medicare Supplement Plan N will cover 80% of the costs of qualified emergency medical care.
The price of Plan N premiums starts at $91 a month in Colorado.
When To Enroll
While there are technically multiple times when you can choose to enroll in a Medicare Supplement Plan, there is one time that will be most beneficial to you. This is your Medicare Supplement Open Enrollment Period. Which is a 6-month window that opens up to you when you turn 65 and enroll in Original Medicare.
The reason that you should purchase during this time is that you will be given “guaranteed issue rights”. This means that insurers cannot use medical underwriting to determine eligibility or premiums. In other words, insurance companies will not be able to deny you coverage or charge you more because of health conditions. So, it’s important to take advantage of your Medicare Supplement Open Enrollment Period.
If you are under 65 and on Medicare, you should know that Colorado is one of the states that requires insurers to offer their Medicare Supplement Plans to those under 65 with qualifying disabilities.
How To Choose
When it comes to Medicare coverage, don’t be afraid to ask questions. Speak to an EZ agent who can explain everything to you and tell you what you need to do to sign up. EZ can assist you in enrolling in Medicare, comparing Medicare Supplement Plans, or simply weighing your options. Additionally, our agents work with the best insurance companies in the country. They can provide you with a free comparison of all available plans in your area. We will go over your medical and financial needs with you and help you find a plan that works for you. To get started, simply enter your zip code in the bar below or give one of our licensed agents a call at 877-670-3602.
