You may have recently heard about the Medicare Section 5 special enrollment period coming up for Colorado residents, but are having difficulty learning more.
Here, the IHS Insurance Group team will quickly cover what you need to know so that you can make a more informed decision about your Medicare coverage.
What Are the Basics for Colorado’s Section 5 Special Enrollment Period?
The Colorado Secretary of State recently announced a special enrollment period (SEP) for residents currently enrolled in a Medicare Supplement Policy Plan C, a standard Plan F, or a high deductible Plan F.
Enabled by newly established regulations, this Colorado-specific SEP begins on January 1, 2021, and ends June 30, 2021. During this period, you can unenroll from your current policy and enroll in a new Medicare supplement policy, without being subjected to any of the underwriting requirements pursuant to Sections 5.C. and 5.D.
There’s no requirement that you take advantage of this SEP. But if you do, keep in mind that only one change is available to you.
Are There Additional Details About Colorado’s 2021 Special Enrollment Period?
Even if you meet the basic eligibility criteria, you can’t exactly do whatever you want. Specifically, the Colorado Secretary of State points out that if you’re currently a Plan C policyholder, you can only use the special enrollment period to enroll in a Medicare Supplement Policy Plan D.
Related: Medicare Part C Coverage Basics
Similarly, Plan F policyholders can enroll in a Plan G with either their current insurer or a different insurer. Those with a high-deductible Plan F can enroll in a high-deductible Plan G (again, with either their current insurer or a different insurer).
Who Doesn’t Qualify for This Special Enrollment Period?
Even if you meet all of the eligibility criteria above, Colorado’s SEP doesn’t apply if you became newly eligible for Medicare on or after January 1, 2020.
However, if you move to Colorado from another state during this time and meet all other eligibility criteria, you may take advantage of the special enrollment period.
Furthermore, Colorado’s SEP doesn’t apply if you’re enrolled in Medicare supplement policies other than Plan C, Plan F, or the high deductible Plan F.
Are There Any Insurer Requirements for CO’s Medicare SEP?
If you choose to take advantage of Colorado’s 2021 Medicare special enrollment period, your insurer (current or new) may require that you provide proof of enrollment in a Medicare Supplement Policy Plan C, Plan F, or a high-deductible Plan F, prior to enrolling.
Does the Free Look Period Apply During Colorado’s SEP?
According to the Colorado Secretary of State, you have 30 days after signing up for your new Medicare supplement policy plan to decide if it’s right for you and if you want to continue coverage.
Here’s how the Medicare.gov website explains it:
“You have 30 days to decide if you want to keep the new Medigap policy. This is called your “free look period.” The 30-day free look period starts when you get your new Medigap policy. You’ll need to pay both premiums for one month.”
The website also emphasizes that you shouldn’t “cancel your first Medigap policy until you’ve decided to keep the second Medigap policy,” since, “on the application for the new Medigap policy, you’ll have to promise that you’ll cancel your first policy.”
IHS Insurance Group is Your Colorado Medicare Special Enrollment Period Resource
The IHS Insurance Group staff is here to assist with all of your Medicare needs, whether you reside in Colorado or one of the many other states where we’re licensed. As such, we’ll be sure to update this article as new information becomes available.
In the meantime, do you need a FREE Quote or have questions regarding Medicare Coverage? We have three convenient ways to reach us:
- If you prefer to talk to a licensed agent directly, please call (866) 480 5063.
- If you prefer to fill out a quick form and have an agent get back with you at your convenience, use the GET A FREE QUOTE.
- Lastly, for those that want an immediate quote, please click HERE.
Also, check out our Medicare FAQ’s here.