Colorado Medicare supplement
Choosing a Colorado Medicare supplement plan can be a daunting prospect but with these four easy steps you will be able to choose the right policy for your needs quickly and accurately.
Understand what Medigap is
Medigap or Medicare supplemental insurance was designed especially to fill in the known gaps in coverage left by the Original Medicare insurance plans and to work with Part A and B. These plans, which are sold by private insurance companies, will help you to pay for things like long term hospital care, the high co-insurance payments for skilled nursing care and other such things.
All Medigap policies, which are named A through N, are standardized by the federal government which means that if you choose Plan A it will be the same plan no matter what company you purchase it from.Know what you need
Each Medigap policy is different so understanding what benefits you need now and what benefits you may need in the future can help you to decide which one works best for you. One suggestion is to look at a chart that shows a side by side comparison of the ten plans available and circle those benefits which you know you need.Understand how Medigap is priced
Most Medigap plans are priced one of three ways, attained age, issue age and community rated.
An attained age plan is priced based on your current age which means that as you get older your premiums will rise.
Issue age plans are based on the age you are when you obtain the policy and will generally not increase over time.
Community rated plans are priced based on your location so unless you move your premium should not go up.
If possible you should always try to get a policy that is priced either by issue age or community rated. Although these plans may cost more in the short term they will not increase as you age making them the best long term choice.Compare quotes
Although Medigap policies are standardized their pricing is not and can vary widely from one health insurance company to the next. To get the best deal you will need to compare the rates from several different companies for the same plan.
Still have questions about Colorado Medicare supplement plan? Just give us a call and one of our experts will be happy to discuss your needs and help you decide which plan is right for you.