Explore Your Colorado Medicare Coverage Options
Compare Medicare Supplement, Advantage, and Prescription Drug Plans to Find the Right Fit for Your Needs
Medicare Supplement plans, also known as Medigap, are a popular choice for those looking to fill the coverage gaps in Original Medicare Parts A and B.
These plans help pay for out-of-pocket costs like deductibles, copayments, and coinsurance, offering greater financial predictability. With a Medicare Supplement plan, you pay a monthly premium and can see any doctor nationwide who accepts Medicare, giving you flexibility and peace of mind.
It's a great option for those who value freedom of choice and fewer surprise expenses.
Medicare Supplement Plans (Medigap)
What is a Medicare Supplement?
Medicare Supplements, also known as Medigap policies, are sold by private insurance companies to help you cover the out-of-pocket costs left behind by Medicare.
When you have a Medigap policy, Medicare pays up to its limit on your medical expenses. Then, your Medicare Supplement plan starts to help with covering costs up to the plans limit. That limit usually covers what Medicare didn't, however, that will depend on which policy you select.
What do Medicare Supplements cover?
Original Medicare only covers 80% of your Part B expenses. The other 20% comes out of your pocket if you do not have a Medicare Supplement policy also referred to as Medigap. If you were to have a lengthy stay in a hospital or expensive treatments at outpatient facilities, you can see how that could add up.
Medicare Supplements pay that 20% for you once your annual deductible is met. In 2025, the deductible is $257 and that is updated annually.
Things that are not covered by Original Medicare on your Medicare Supplement:
Routine dental, vision, and hearing exams
Hearing aids
Eyeglasses or contacts
Long-term care or custodial care
Retail prescription drugs
Medicare Advantage plans, also known as Part C, are an alternative to Original Medicare and are offered by private insurance companies. These plans often come in HMO or PPO formats and include a network of providers you’ll use for your care.
Many Medicare Advantage plans also bundle in additional benefits like dental, vision, hearing, and prescription drug coverage.
They’re a good fit for individuals who prefer an all-in-one plan with coordinated care and extra perks. They also often offer the option to “Pay as You Go” rather than an upfront monthly cost.
Medicare Advantage Plans (Part C)
What is a Medicare Advantage?
Medicare Advantage, also known as Medicare Part C, is a plan provided by private insurance companies with the help from subsidies provided by the government so that the insurance company can design network based plans at various premiums.
These plans are normally designed with copays and coinsurance throughout the plans as a form of cost share that the client would assume when joining one of these plans. Most plans may offer additional benefits at no additional cost to you.
Let's take a closer look at Medicare Advantage Plans...
Medicare Advantage Downside:
You’re restricted to certain doctors in your network (unless it’s an emergency)
Plan premiums can change from year to year
Difficult to switch to Medigap later on
Plan benefits can change from year to year
You’re subject to high deductibles and co-pays that tend to range from $3,400-$6,700
Medicare Advantage Upside:
It’s convenient to have a single plan for everything
The plan covers everything traditional Medicare covers (hospital insurance and medical insurance) as well as emergency and urgent care
Most plans also include prescription drug coverage
Your eligibility isn’t affected by health or financial status
Many plans may cover additional benefits.
Premiums vary and may be as little as $0 per month.
Prescription Drug Plans (Part D)
Prescription Drug Plans, also known as Part D, are required by CMS to help cover the cost of medications and protect you from high out-of-pocket expenses.
These plans are offered by private insurers and can be added to Original Medicare or some Medicare Supplement plans. Each plan has its own list of covered drugs, known as a formulary, so it's important to choose one that fits your specific medication needs.
Enrolling in a Prescription Drug Plan helps you avoid late enrollment penalties and ensures access to affordable prescriptions.
How Do Prescription Drug Plans Work?
Here is important information you need to know about owning a prescription drug plan:
Annual Deductible: There is a deductible you must pay for a Part D plan. Your deductible may be different, or waived entirely, but the max amount you can be charged is $590 in 2025. You pay the full cost of your covered prescriptions up to a plan-specific deductible amount. After that, you begin initial coverage.
Initial Coverage Phase: Once you've met your deductible (if any), you'll pay a copayment or coinsurance for your prescriptions, and the plan will cover the rest. This phase continues until your total out-of-pocket spending reaches $2,000.
Catastrophic Coverage Phase: After you reach the $2,000 out-of-pocket spending limit, you enter the catastrophic coverage phase. In this phase, you pay very little or no cost for your covered drugs for the rest of the year. In 2025, there will be no cost-sharing in this phase, meaning you won't pay anything for your covered drugs.