If you’ve come to the Medicare Guy and Mile High Medicare before, you might be familiar with us to a certain extent. You might know of Steve Hansen, our owner and founder, who outlines in our About Us section how the guiding principle of Mile High Medicare, and really everything that Steve does in this field, is two-fold. First, we believe that Medicare is way too complicated. We are fairly certain there is an ample percentage of the Colorado population who can agree with us on that front. Secondly, we don’t think Medicare has to be this complicated.

Sure, understanding terms like “MediGap Plan F” can seem a bit daunting, but it doesn’t have to be. When you have a resource and guide like Denver and Colorado residents have available to them in Mile High Medicare, we can serve as your advisers, helping you sift through what you need to know and what is unhelpful jargon in the world of Colorado Medicare.

Colorado MediGap Plans

In the world of Denver Medicare and Colorado MediGap plans, having some guidance can be a serious help for a serious decision. The first thing you need to know about Colorado Medicare Supplemental Insurance Plans, is that these are simply standardized insurance plans which are regulated by the government, as opposed to insurance companies. The term “standardized” refers to a specific Medicare Supplement Plan which offers the same coverage irrespective of the insurance company you go through.

What Is MediGap Insurance?

If you are wondering what MediGap insurance or Medicare Supplement insurance is, you’ve come to the right place. So before we get into the weeds talking about different Medicare plan types, we’ll briefly outline Medicare Supplement policies.

MediGap insurance is a Medicare Supplement type of insurance which private companies sell to individuals in order to help cover some of the potential health care expenses that basic Medicare fails to cover. If you have Original Medicare and you buy Medicare Supplement insurance, Medicare typically covers the bulk of the (Medicare-approved) costs, whereas MediGap will handle the…drum roll…remaining gap! We can only surmise that this is where the term “MediGap” came from in the first place.

Below you’ll find essential information about Medicare Supplement insurance policies:

  • In order to receive a Medicare Supplement policy, you must have Medicare Part A and Part B (if you aren’t familiar with those terms, just give us a call, we can help)
  • The coverage is such that you’ll be paying your private insurance provider a premium every month for your MediGap insurance as well as what you pay them for the monthly Part B Medicare premium.
  • It is not possible for anyone to simultaneously have a Medicare Supplement insurance policy and a Medicare Advantage Plan. However, you are free to apply for Colorado MediGap coverage while being on your Medicare Advantage Plan. You’ll just have to completely switch over, should you elect to change coverage.
  • Even if you have health problems, you’ll still be able to renew any kind of standardized Medicare Supplement policy, guaranteed. Basically, this means that as long as you keep paying the monthly premium, no insurance company is able to cancel your MediGap insurance.
  • As of 2006, MediGap coverage plans aren’t able to include prescription drug coverage. If you need prescription drug coverage, feel free to learn more about our Medicare Prescription Drug Plan right here.
  • No one is legally able to sell you a MediGap insurance policy if you currently have a Medicare Medical Savings Account Plan, also known as an MSA Plan. So don’t let them do it!

Understanding Denver Medicare & Colorado MediGap

Here at Mile High Medicare, we’ve made it our mission to help you find the right Medicare Supplement plan at the best possible rate. We want to make Colorado Medicare coverage easier to understand and even easier from which you can reap the rewards. At the end of the day, it’s about saving money while avoiding the headache.

We can help you do exactly that, not by telling you which coverage is best for you, but by listening to you, learning what your goals are while taking into account what you are eligible to receive in terms of coverage. Then we can provide our recommendation.

Why isn’t it straightforward? Life is complicated sometimes, as we are quite confident you are familiar with. So while everyone receives a standardized Medicare Supplement plan, people pay different rates, so it can be very helpful to have someone assisting you to find that lowest rate possible.

Some people compare it to gasoline prices based on region. All else being equal, the unleaded gas is materially the same from one shipment to the next. However, folks living in Denver, will not pay the same price as folks living in Hawaii. You get the same product, but due to a variety of factors, not everyone is able to pay the same fee.

In the same way, you are able to shop by different plan types in your select region.

MediGap Plan Types

Benefits do not vary within plan types. Everyone who is on Plan F may not be paying the same rate, but they will all receive the same coverage. The same thing goes for Plan A and Plan B (and all kinds of plans).

Different plans have different values for different folks, however. And because some absolutely require certain inclusions in their plan (a skilled nursing facility care coinsurance, for example) some will be willing to pay a bit more for an indispensable benefit.

Another side of the equation is to take a look at deductibles, as all plans are not created equally in this regard. For example, Plan F gives you a choice, offering a high-deductible plan, which means you’ll have to pay for Medicare-covered costs all the way up to the deductible figure (it was $2,200 in 2017) before your MediGap coverage kicks in, so to speak.

From a purely out-of-pocket perspective, plans K and L have limits, whereas other plan types do not. Again, it’s difficult to extrapolate too much without knowing the specifics of a given situation, but that is something worth your consideration when choosing your coverage.

Your Source For Denver Medicare

So, let’s get down to it, how much are you paying for your Colorado MediGap coverage? We are passionate about helping Colorado residents simplify this information so that they can make guided, informed decisions that will set them up for security and success in the future. We aren’t bound to any insurance company, we don’t work for Medicare Supplement companies, we’ll go to work for you though.

Let us shop each insurance company in Colorado that offers Colorado MediGap coverage. It would be our pleasure! Reach out to us today for your free quote.