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Colorado Medicare Supplement Plans for 2022

Traditional Medicare is a beneficial healthcare option for seniors aged 65 or older. The range of medical costs that traditional Medicare covers is broad, but it is does not take care of every single healthcare expense. This is where the addition of a Medicare supplement plan, also referred to as Medigap, can serve as an aid for any costs that traditional Medicare does not cover. For the year 2022, Colorado has 45 different insurance providers that administer Medicare supplement plans. In the state of Colorado, there is a law requiring these carriers to also provide Medigap plans to disabled citizens under the age of 65, with higher premiums associated.

Medicare Supplement Plan F

Medicare Supplement Plan F is the Medicare supplement plan that offers 100% complete coverage. The only exception to this total coverage are medical expenses that arise during international travel. In that case, 80% of cost is covered, solely for emergency medical circumstances. Due to the fact that 100% of main medical expenses are covered under this supplement plan, the rates for Plan F are always higher than other supplement plan options.

Colorado Medicare Supplement Plans for 2022

This plan is not even available to anyone new to Medicare, since the expensive rates outweigh the financial advantage. Those who are eligible for Medicare Supplement Plan F often struggle trying to determine which Plan F will deliver the highest quality. In fact, this is not a concern. Medicare supplement plans are government regulated to ensure that each individual insurance carrier abides by the exact same coverage and plan letters.

The coverage from each insurance provider is identical, however the premiums are not. Each provider’s premiums can vary immensely. Medicare Supplement Plan F rates are always considerably more expensive than Medicare Supplement Plan G, but there is only one difference in their offered coverage. The difference between these two supplement plans is that the Medicare Part B deductible is covered under Plan F, but not under Plan G.

Medicare Supplement Plan G

The Medicare Part B deductible is required to be paid by the patient under Medicare Supplement Plan G. In 2020, the deductible was $198. Once that deductible is paid, Medicare and the supplement plan take over every further expense. As a reminder, Plan F pays that deductible for the patient. However, with the cost of Plan F premiums, patients in 2020 were virtually guaranteed to have paid around $300 more in premiums in order to secure the $198 benefit. The disparity in premiums between the two supplement plans actually cost some patients up to $500 more a year for that benefit. The Part B deductible is expected to rise marginally in the year 2022, but Plan G is still in the majority’s best interest. This is attributed to the exceedingly less expensive premiums and lower rate increases associated with Plan G, without sacrificing total coverage. Plan G is assuredly the most popular supplement plan option. As with Plan F, the common question is asked of which Plan G is the best. The answer is the same. All Medicare supplement plans are uniform under government standards. This is why it is critical to determine which of the Medicare supplement plans offers the strongest aid to each individual, rather than concerning oneself with insurance providers.

Medicare Supplement Plan N

Plan N is similar to Plan G in the way of the Medicare Part B deductible needing to be paid off by the patient. The main difference between the supplement plans is that there may be up to a $20 co-pay for some specialist and/or doctor visits. Medicare Supplement Plan N is predominantly assigned to healthy patients who visit doctors less often, since the plan comes with lower premiums than Plan G.

To find out how much Medicare Supplement rates are in your state and to receive a free quote comparison, call us at (855) 249-0191 to speak with an insurance expert.