Colorado Medicare Insurance Plans
Residents looking for the right Colorado Medicare insurance plan have a number of health care options available to them. We’ve outlined information about the Colorado Medicare Savings Program, the state’s Health Insurance Counseling and Advocacy Program and other details about Medicare options below.
Medicare Supplement Insurance (Medigap) Policies
While Colorado has no requirement for insurers to sell Medicare Supplement Insurance policies for those under the age of 65, private Medigap plans are available.
Mini-COBRA Policies (Small Group)
Colorado mini-COBRA allows COBRA extension coverage for up to 18 months or until a participant is eligible to enroll in other coverage.
Colorado Medicare Savings Program
Colorado has four Medicare Savings Programs available depending on income level.
The following data is from 2016 and is based on federal amounts. These amounts may increase in 2017. If your income and resources are slightly higher, you should still apply, you may qualify for benefits even if your income is higher than the limits listed.*
- Qualified Medicare Beneficiaries (QMBs): Colorado will pay all premiums for Medicare Part B and all copayments and deductibles for Medicare Parts A and B. This program is for individuals with a monthly income below $1,010 and couples with a monthly income below $1,355.
- Specified Low-Income Medicare Beneficiaries (SLMBs): For individuals with a monthly income below $1,208 or couples with monthly income below $1,622, the state pays premiums for Medicare Part B under this plan.
- Qualified Individuals (QIs): The state will pay Medicare Part B premiums for individuals with income under $1,357 per month or for couples with a combined income under $1,823 per month.
- Qualified Disabled and Working Individuals (QDWIs): For individuals with income under $4,045 per month or couples under $5,425 per month, the state pays premiums for Medicare Part A.
*Data from www.medicare.gov
**According to Secure.ssa.gov, you should be aware that several States may even disregard all resources for individuals or couples in certain categories.
Health Insurance Counseling and Advocacy Program (SHIP)
Local Colorado SHIP centers are there to help individuals and couples understand the variety of the Colorado Medicare Insurance Plans available. Colorado SHIP provides one-on-one educational counseling, seminars, and even speaking engagements throughout the state in hopes of educating Colorado residents of the wide variety of medical care and insurance options available, including:
- Medicare (Parts A and B)
- Medicare Advantage Plans (Part C)
- Medicare Prescription Drug Plans (Medicare Part D)
- Medicare Supplemental Insurance (Medigap)
- Prescription assistance programs
- Long-term care and payment options
- Health care rights and protections
- Low-income assistance programs
Colorado SHIP also helps Medicare patients and works on their behalf with claims and disputes through a network of hundreds of trained, certified SHIP volunteers throughout the state of Colorado.
Low-Income Subsidy (Extra Help) for Prescription Drugs
In 2016, you may qualify if you have up to $17,820 in yearly income ($24,030 for a married couple) and up to $13,640 in resources ($27,250 for a married couple).
Looking for answers about the right Colorado medicare insurance plans? Consult with a licensed sales agent at MedicareSolutions.com. The licensed sales agents at MedicareSolutions.com can help compare plans and make personalized solutions for your particular needs.