Best Colorado Medicare Part D Plans for 2024

Colorado Medicare Part D plans are the prescription portion of Medicare. You’ll need prescription coverage to avoid a penalty regardless of where you live. In Colorado, of the 530,678 Medicare beneficiaries in the state, 351,074 receive drug coverage through a stand-alone drug plan. 319,153 receive their drug coverage through a Medicare Advantage plan.

Colorado Part D plans for 2024

Medicare Advantage or Part D stand-alone prescription plans provide the four parts of Medicare drug coverage. Drug coverage under Part C and D is for picking up prescriptions from the pharmacy.

Below we’ll discuss the specifics of the Colorado Medicare Part D plan, such as which programs have the lowest cost and don’t incorporate a deductible. Then we’ll discuss Part D options that give additional coverage in the donut hole and Low-Income Subsidy. Finally, we’ll go over the coverage phases and how to enroll in a Part D drug plan.

Part D plans with the lowest premium in Colorado

Wellcare is number one in Colorado, with a plan premium under six dollars. Centene, Wellcare’s parent company, is one of the biggest insurance companies in America. They are quickly becoming a household name with Medicare.

Next is Aetna. Most people throughout the United States recognize Aetna. They’re one of the most well-known companies in the Medicare space. Recently they have become part of CVS, which only strengthens the Company.

Rounding out the top three is Humana. Humana is one of the largest Medicare insurance companies in existence. They have been a juggernaut in the Medicare market for quite a while.

Colorado Medicare Part D plans with a zero-dollar deductible in Colorado

Deductibles are part of the prescription drug plan model. While all plans can use a deductible, not all programs choose to do so. Some plans have deductibles that don’t apply to certain levels of prescriptions.

Wellcare comes in on top again with the lowest premium for a no-deductible plan. Remember that the plan’s monthly premium doesn’t always reflect how good it’s. It would help if you enrolled in a program that best suits your prescriptions.

Anthem BCBS makes a list of plans without a deductible. Blue Cross has been around forever. Most people have been on a blue cross plan at some point.

, backed by , is one of the most trusted names in Medicare healthcare. They offer Medicare drug plans, Medicare Advantage plans, and Medicare Supplement options.

Plans with gap coverage in Colorado

Everyone has heard about the dreaded Donut Hole. Some companies give you additional coverage when you move into the coverage gap. You can see that tops the list of plans offering gap coverage. Their plan not only has a reasonable premium but is a 4-star rated plan.

Cigna is starting to make a name for itself regarding drug plans offering gap coverage. In addition to drug plans, Cigna also provides Medicare Advantage and supplement options.

The chart below shows top-notch companies with drug plan options to protect you from the coverage gap.

Plans with a Low-Income Subsidy in Colorado

Low-Income Subsidy is also called the Extra Help program. This program assists low-income beneficiaries by lowering the premium of their drug plans and copays. There are several levels that beneficiaries can qualify for.

The plans below will lower their monthly premium to zero dollars if you qualify for the Extra Help Program.

Below you can see many of the names we have already talked about. There is a newcomer on the chart in Elixir Healthcare. They’re a much smaller company than the others shown, but they offer options to assist people in the Extra Help program.

Amount of beneficiaries that fall into each coverage phase

Part D has four phases. The phases outlined by The Centers for Medicare and Medicaid Services are the deductible phase, the Initial Coverage phase, the Coverage Gap, and the Catastrophic phase. Every Medicare drug plan must follow this structure but can offer benefits that are better than the standard model.

The Coverage Gap is also called the Donut Hole.

As you can see below, most Colorado Medicare members don’t reach the coverage gap. Most meet their deductible and stay in the initial coverage phase.

Colorado cities with estimated premiums for Medigap coverage

All cities in Colorado come with their own premiums for Supplemental Medicare coverage. Here are some of the areas in the state where many live:

• Aurora
• Denver
• Fort Collins
• Lakewood
• Colorado Springs

FAQs

What’s the average Medicare Part D cost in Colorado?

The average cost is around $55.50 a month. Some plans are as low as $5.50, and others exceed $100

Which Company has the cheapest Part D plan in Colorado?

Wellcare has the cheapest stand-alone Part D plan at $5.50 per month.

Do I need to take a Part D plan in Colorado if I’m not taking any prescriptions?

You are not required to enroll in a Part D plan. But failure to do so when you are first eligible could result in a penalty.

How to get help signing up for a Part D plan in Colorado

Drug plans can be one of Medicare’s most complex and perplexing portions. After all, it’s one of the few things in life that the more expensive option doesn’t necessarily correlate with the best coverage. There are many things to consider when choosing a drug plan.

Fortunately, you have someone to turn to for help. Our expert agents are well-versed in Medicare and specialize in helping Medicare beneficiaries determine which coverages meet their individual needs.

We cater to your needs and guide you every step of the way. You can give us a call or fill out our online request form.