Colorado Medicare insurance is a health insurance program that offers more affordable coverage for certain qualified individuals. For residents in Colorado where health insurance plans cost an average of $485, Medicare is a lifesaver as it offers coverage for medical services.
Qualified individuals for Medicare generally include people over the age of 65, although certain workers with disabilities may be eligible as well. The federal government sponsors and funds the Medicare program, but the state government of Colorado also offers assistance for Medicare beneficiaries.
Medicare in its basic form is called Original Medicare with Part A and Part B. Medicare Part A covers hospital insurance and inpatient care, while Medicare Part B covers medical services and supplies that a physician may deem medically necessary. Medicare Part A and Part B may come with premiums, along with deductibles and copayments. However, in many instances Medicare Plan A is premium-free.
In Colorado, some private carriers may have the approval from Medicare to offer Medicare health insurance plans. These plans may be more affordable than the norm as Medicare can help pay for some of the associated costs of the coverage.
These plans include Medicare Part C, which is another term for Medicare Advantage Plans. These plans offer the very same coverage for hospital and medical services that beneficiaries receive from Medicare Parts A and B. Other medical services that Original Medicare doesn’t cover may instead be covered by your Medicare Advantage Plan.
Private carriers can also offer Medicare Part D health plans, which cover the costs of prescription drugs. These can be purchased separately to add to the coverage already provided by Medicare Part A and Part B or to Medicare Advantage Plans.
Another type of supplemental Medicare plans can cover the cost of copayments and deductibles. These are the Medicare Supplement Insurance Plans that may also offer coverage for certain medical services that are not covered by Original Medicare.
For many seniors and other Medicare beneficiaries, the cost of Medicare premiums and other expenses may be beyond what they can afford. However, Colorado residents can qualify for any of the Medicare Savings Programs (MSP), which include income ceilings for eligibility.
One program offers help for Medicare beneficiaries to cover the premiums for both Medicare Part A and Part B. This is the program for Qualified Medicare Beneficiaries (QMB). The QMBs may also benefit from assistance to pay for deductibles and copayments. An individual can qualify if their monthly income does not exceed $1,025. The income limit for married couples is a combined total of $1,374 per month.
Another program offers help to cover the costs of premiums for Medicare Part B. This is the program for Specified Low-Income Medicare Beneficiaries (SLMB). The monthly income ceiling for an individual is $1,226. A married couple may qualify if their combined monthly income does not go higher than $1,644.
There is a program that also pays for a portion of the Medicare Part B premium, this time for Qualified Individuals (QI). QIs can qualify with an income of not more than $1,377 per month. For married couples, the qualifying combined income is $1,847 a month.
For Qualified Disabled and Working Individuals (QDWI), the cost of Medicare Part A premiums may be covered if the QDWI has a monthly income of $4,105 at the most. Married couples may qualify as well if their combined income totals less than $5,499 per month.
There’s also a Low-Income Extra Help Program that can provide additional financial assistance. You may qualify if your income for the year does not exceed $18,090 while your resources (such as your stocks and your savings account) may go higher than $13,820 in value. The annual income ceiling for married couples for this program is $24,360, while the resource limit is $27,600 at the most.
Bear in mind that the figures cited here are for 2017. If your income exceeds the ceilings before, then you should apply as the new ceilings may be higher to accommodate your income.
It is quite easy to feel confused over the myriad details that pertain to Medicare. You can contact the State Health Insurance Program for unbiased counseling regarding your Medicare choices. Colorado has numerous SHIP offices scattered around the state, but you may call 1-888-696-7213 for questions about Medicare in Colorado.
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