Independent Medicare Insurance Broker in Colorado Springs
Medicare Supplemental Insurance & Medicare Advange Plans
Navigating Medicare: Your Guide to Making the Right Choice
The Medicare Maze: Why So Many Feel Lost
You’ve worked hard your entire life, and now as you approach age 65, you’re faced with a dizzying array of Medicare options that seem designed to confuse rather than clarify. The enrollment deadlines, plan differences, and coverage gaps can leave you feeling overwhelmed and anxious about making the wrong choice. Without proper guidance, you might select a plan that doesn’t cover your doctors, costs more than necessary, or leaves you with unexpected out-of-pocket expenses that strain your retirement budget.
Click Play to Watch Our Medicare Video
Don’t Wait: The Critical Importance of Early Medicare Enrollment
Before diving into your Medicare options, there’s something crucial you need to understand: timing matters more than you might think. The Social Security Administration is currently experiencing significant downsizing, which directly impacts Medicare enrollment processing times.
Your enrollment window is limited: You have a seven-month Initial Enrollment Period that includes the three months before your 65th birthday, your birthday month, and the three months following. This window is your opportunity to enroll without penalties.
Last-minute enrollment can be costly: The biggest mistake many people make is waiting until the last minute. With SSA staffing reductions, delays in processing are becoming common, potentially leaving you without coverage when you need it most.
No Medicare ID, no plan enrollment: Without your Medicare identification number and proof of enrollment in Parts A and B, you cannot sign up for a Medicare Supplement or Medicare Advantage plan. This creates a dangerous gap in coverage that could leave you financially vulnerable.
Penalties can be permanent: Missing your Initial Enrollment Period could result in late enrollment penalties that last for as long as you have Medicare—potentially increasing your premiums for life.
At Preferred Insurance, we guide you through this critical process. We’ll help you create your Social Security online account, show you how to select Part A and B enrollment, and ensure you complete this crucial first step with plenty of time to spare. Our decades of experience have taught us that proper timing is the foundation of a successful Medicare transition.
Understanding Your Medicare Options
Original Medicare (Parts A & B)
Medicare Part A covers hospital care, skilled nursing facility care, nursing home care, hospice, and home health services. Medicare Part B covers medical services including doctor visits, outpatient care, medical supplies, and preventive services. Together, they form what’s called “Original Medicare,” but they don’t cover everything.
Important limitations: Original Medicare typically covers only 80% of approved costs, with no annual out-of-pocket maximum. This leaves you responsible for the remaining 20%, which can add up quickly during a health emergency.
Click to Read: Simple Explanation of Medicare Supplements and Advantage Plans
You have two primary paths to enhance your Original Medicare coverage:
Medicare Supplements (Medigap)
Medicare Supplement plans work alongside Original Medicare to fill the “gaps” in coverage. These plans give you greater flexibility and peace of mind.
Freedom of choice: With a Medicare Supplement, you can see any doctor or specialist who accepts Medicare without referrals. This makes these plans ideal if you travel frequently or split time between different states.
Predictable costs: While premiums may be higher than other options, your out-of-pocket costs are minimal and predictable. This makes budgeting easier and protects you from unexpected medical bills.
Standardized benefits: Supplement plans are standardized by letter (A-N), making it easier to compare options across different insurance companies. The benefits of a Plan G from one company are identical to a Plan G from another—only the price and company service differ.
Medicare Advantage Plans
Medicare Advantage plans (Part C) are an alternative to Original Medicare, offered by private insurance companies approved by Medicare.
All-in-one coverage: Most Medicare Advantage plans include prescription drug coverage (Part D) and often additional benefits like dental, vision, hearing, and fitness programs not covered by Original Medicare.
Network-based care: These plans typically use network providers (HMO or PPO) in specific geographic areas, making them ideal for those who primarily receive care locally in Colorado Springs.
Lower premiums: Many Advantage plans offer $0 or low monthly premiums, though you’ll still pay your Part B premium and potentially have copays or coinsurance when you receive care.
Annual changes: Benefits, networks, and costs can change yearly, requiring you to review your coverage during the Annual Enrollment Period (October 15-December 7).
Prescription Drug Coverage (Part D)
Whether you choose Original Medicare with a Supplement or a Medicare Advantage plan without drug coverage, you’ll need to consider prescription drug coverage.
Avoiding penalties: If you don’t enroll in creditable drug coverage when first eligible, you may face permanent premium penalties if you enroll later.
Finding the right formulary: Each Part D plan has its own formulary (list of covered medications) with different tiers affecting your costs. Finding a plan that covers your specific medications at the lowest cost is crucial to managing your healthcare budget.
Benefits You Receive Working with Preferred Insurance
Unbiased recommendations
As independent brokers, we’re not tied to any single insurance company. We represent multiple carriers and can offer objective comparisons based on your specific needs and budget.
Personalized guidance
Face-to-face guidance
Unlike national Medicare websites or call centers, we offer in-person consultations where we can answer your questions, review your specific medications, and help you understand your options in plain English.
No additional cost
Our services are provided at no extra charge to you. We’re compensated by the insurance companies when you enroll, so you get professional guidance without any consulting fees.
Local provider networks
We know which doctors and specialists in the Pikes Peak region accept which plans. From Memorial Hospital to Penrose-St. Francis Health Services, we understand the local healthcare ecosystem and can help ensure your preferred providers are covered.
Community-specific insights
Our team lives and works in the same community as you. We understand the healthcare challenges faced by residents in neighborhoods from Broadmoor to Briargate, from Old Colorado City to Falcon.
Medigap and Medicare Advantage
As a leading independent Medicare insurance broker in Colorado Springs, our mission is to guide you through the maze that is Medicare insurance. There are two basic classes of Medicare insurance plans: Medicare Supplements or Medigap Plans and Medicare Advantage Plans.
Medigap plans (aka Medicare Supplements) reimburse or pay for some of the out-of-pocket costs that Medicare doesn’t pay. For example, deductibles, co-pays, and excess charges. Medigap plans allow you to choose or keep your doctor, as long as the physician or clinic accepts Medicare insurance. There is a large variety of Medigap plans varying in cost, level of coverage, and area of availability.
Medicare Advantage Plans are health plans provided by private insurance companies approved by Medicare. A Medicare Advantage Plan usually has a “network” similar to regular health insurance, and you may be required to use physicians and hospitals who participate in the plan’s network. You may have to pay copayments or coinsurance. You may have access to vision, hearing, and dental coverage. Like Medigap, the cost and coverage of Medicare Advantage will vary by plan. All Medicare Advantage Plans have a yearly limit on out-of-pocket costs, so you are well protected against significant medical expenses.
Read in our blog: Why Would I Choose a Medicare Advantage Plans Over a Supplement Plan?
Contact Preferred Insurance today to schedule a free consultation with an independent Medicare insurance broker today. We can help you make the right investment in your Colorado business – for yourself and your employees.
Frequently Asked Questions
Why are you the best Medicare insurance broker in Colorado Springs?
We are experts in Medicare and all types of health insurance. We have been in business over 30 years.
Each member of our local Colorado Springs staff is knowledgeable, responsive, friendly and extremely good at customer service. Check out our Google reviews for proof (opens in new window).
We are locally owned and managed. By working with us you are supporting local Colorado Springs families and the local economy.
We provide hands-on help to you to assist with researching and signing up for the best Medicare insurance plans for you.
Why should I work with an independent Medicare insurance broker?
Medicare is a confusing conglomeration of options. Colorado seniors will often hire a Medicare insurance broker to help them make sense of the options.
An independent Medicare insurance broker is not locked into a specific health insurance company. They usually run their own agency and work with all the health insurance companies in their area.
Independent broker are free to show you all the Medicare insurance options available to you. We don’t play favorites based on commissions.
Independent Medicare brokers work in your best interest, finding the best plan and price out of all the plans that are available to you.
When can I apply for Medicare in Colorado?
You can apply for Medicare three months before reaching age 65. The Medicare open enrollment opens three months before the month you turn 65 and extends three months past the month you turn 65. This gives you a seven-month window to apply. Medicare benefits can start on the first day of the month of your birthday.
What is a Medigap insurance?
Medigap Insurance and Medicare Supplements are the same thing.
A Medigap insurance policy helps pay out-of-pocket costs not covered by Medicare. For example, a Medigap policy would help reimburse you for the coinsurance and deductibles required by Medicare.
Medigap Plans are sold by private insurance companies like United, Anthem, Humana, etc. There are numerous Colorado health insurance companies that offer Medigap products and the pricing of these supplements varies.
Medicare doesn’t pay any of your costs for a Medigap policy.
All Medigap policies must be approved by Medicare.
Medigap insurance plans are all standardized, and identified by letters A through N.
Since Medigap policies are standardized, the benefits are uniform from one health insurance company to another. In other words, benefits for plans with the same letter are exactly the same no matter where you get it.
Usually the only difference between Medigap policies with the same letter sold by different insurance companies is the cost.
What is a Medicare Advantage Plan?
Medicare Advantage Plans are Medicare health plans provided by private health insurance companies. These plans are developed by private companies and have to comply with all Medicare standards, and are closely monitored by Medicare.
Medicare Advantage Plans are a creative health care option that allows the independent health marketplace to find innovative ways to improve the healthcare options available to you.
When you sign up for a Medicare Advantage Plan, all your medical expenses are paid for by the private health insurance company.
The world of Medicare Advantage Plans is full of many options and tons of jargon.
Here are the major characteristics of Medicare Advantage Plans:
- You may be in a “network” similar to regular health insurance where you are required to use physicians and hospitals who participate in the plan’s network.
- You may have options to choose an HMO, PPO, HMO-POS, PFFS, SNP, or Medicare MSA plan.
- You can get Medicare Advantage plans that have a $0 monthly premium.
- Plans with more restrictions such as an HMO will cost less, while plans with more flexibility such as a PPO may cost more.
- You may have to pay copayments or coinsurance.
- You may have some vision, hearing, and dental coverage included in your plan.
- You will have a yearly limit on out-of-pocket costs, so you are protected against large claims.
- Most Medicare Advantage plans include prescription benefits in the plan.
Bottom line is Medicare Advantage Plan do have many advantages and it is definitely worth your time to speak with a Medicare insurance broker to find out if a Medicare Advantage Plan is a good choice for you.
Can Medicare insurance coverage be denied due to pre-existing conditions?
No, a neither a Medicare Medigap (i.e. supplemental insurance) nor a Medicare Advantage plan can deny coverage of a pre-existing condition. However, you must apply during the appropriate enrolllment period.
A commerical health insurer can turn down your application because of a pre-existing condition if you don’t sign up during your Medigap Open Enrollment Period or the Medicare Advantage Open Enrollment Period.