Overview
The state of Colorado implemented a Special Enrollment period (SEP) January 1, 2021 through June 30, 2021, for individuals who are currently enrolled in a Plan C, Plan F or High Deductible Plan F in Colorado prior to January 1, 2021. This SEP allows Individuals to make one change to their policy during this SEP without health underwriting as follows:
- Plan C policyholders can move to Plan D
- Plan F policyholders can move to Plan G
- High Deductible F policyholders can move to a High Deductible G plan
Note: this SEP does not apply to those who became newly eligible for Medicare on or after January 1, 2020, or to individuals who are enrolled in policies other than Plan C, F or High F.
Market Opportunity
Colorado required carriers to send their impacted policyholders a notice of the SEP and informing them of their ability to switch plans. A copy of the notice language that was prescribed by the state can be viewed here. It will be imperative for Colorado agents to understand the implications of this SEP from two perspectives, to retain their existing book and to capitalize on the opportunity to grow your book.
According to the 2019 NAIC Medicare supplement data for the state of Colorado:
- 220,236 total Medicare supplement policies inforce in the state
- 129,601 total Plan F and C policies inforce
- Average Monthly Premium* for Plan F Colorado Policyholders: $209
*NAIC Data 2019, total Colorado market plan F premium divided by total Plan F Lives
Lowest Plan G Rate Available**
| Female Age 70 | Female Age 75 | Female Age 80 | Male Age 70 | Male Age 75 | Male Age 80 |
|---|---|---|---|---|---|
| $104 | $122 | $145 | $120 | $141 | $166 |
**Source: CSG Actuarial Market Advisor: Zip code 81501, non-tobacco, with household discount applied
Many Colorado Plan F policyholders will have the opportunity to secure significant premium savings that far exceed the annual Part B deductible, set at $203 in 2021. In fact, depending on the timing of your client’s initial doctor visits, it may make sense to ensure your client’s Part B deductible is paid by the Plan F before making the switch to a Plan G via this SEP. CSG Actuarial can help you to preserve and grow your book!
Using CSG Actuarial’s Market Edge tool, the map below shows CSG’s current estimate of Medicare supplement policyholders by 3-digit zip code.
CSG Actuarial can help you capitalize on this opportunity:
- Map out your marketing strategy with Market Edge. This mapping tool visually provides the Medicare beneficiary data you are looking for, by zip code.
- Create and upload client lists into Client Manager– use easy filtering process to create targeted lists of clients by a number of demographics and current plan details
- Market Advisor: Quote & Select the right product solution – quote the most accurate rates with the ability to include or exclude the discounts and fees.
All in one tool.