Medicare Supplement Plans in Indiana
Medigap plans, or Medicare Supplement Insurance policies in Indiana, are supplied by private insurance companies approved by Medicare. These policies aid individuals with covering their out-of-pocket expenses not included under Original Medicare, such as coinsurance and copays. Moreover, they can even provide additional coverage for excess charges or medical emergencies when traveling abroad.
Even though Medicare standardizes Medigap plans, the cost and availability of these policies can vary depending on your age, gender, insurance provider, and residing state. In Indiana, such plans are regulated by both statewide legislation and a commissioner of insurance.
If you’re looking into a Medigap plan in Indiana, it’s imperative to be aware of the aspects that determine its cost and accessibility.
Key Takeaways:
- There are ten Medigap plans to choose from.
- Medigap Plan G is the most popular plan in Indiana.
- Premiums for Plan G range from $121 to $382 per month.
- Apply during your Medigap Open Enrollment period to avoid medical underwriting.
Types of Medigap Plans in Indiana
You can find every standardized type of Medigap plan in Indiana, but the most extensive coverage is available through Plans F and G. These are also the most popular.
Following are some critical points about differences among some of the plans:
- Plan F is the most comprehensive option, covering the Part B deductible. However, this plan is only available to people eligible for Medicare before January 2020.
- Plan G is the most comprehensive for newer beneficiaries. Pays for excess Part B charges so you can see any Medicare provider even if they charge more than the Medicare-approved amount.
- Plan N is an increasingly popular option with lower premiums but requires the policyholder to pay a copay for doctor and emergency room visits.
- Plan K is one of only two plans with a set out-of-pocket limit. Once you reach and pay the deductible for Part B, your plan will cover 100% of expenses.
- High Deductible Plan G has the same benefits as Medicare Plan G; however, it has an annual deductible of $2,700 that has to be paid by the member before any medical claims are covered.
What’s the Most Popular Indiana Medigap Plan in 2023?
Plan F is the most popular plan, offering the most comprehensive coverage and paying the annual Part B deductible. But because Plan F is only available to those eligible before January 2020, Plan G is becoming more popular because it offers comprehensive coverage except for the Part B deductible. Plus, Plan G is widely offered by most Medigap insurance companies.
What’s the Best Medicare Supplement Company in Indiana?
After reviewing several key factors, we determined Mutual of Omaha to be Indiana’s best Medicare Supplement company.
Although Mutual of Omaha Medigap plans may generally be less expensive in Indiana, that’s not the only criteria you should consider when searching for the ideal Medicare Supplement company. No two insurers are the same, and each has its own unique advantages and disadvantages when it comes to its coverage levels.
Out of all the options we evaluated, Mutual of Omaha is our top pick. Their plans are affordable, varied in choice, and offer household discounts while maintaining high customer satisfaction.
This chart illustrates how Mutual of Omaha stacks up against other Medicare Supplement companies available in Indiana, including sample premiums and ratings.
| Plan G Cost | Company | Financial Strength |
|---|---|---|
| $121 | Mutual of Omaha | A+ |
| $123 | United Healthcare | A |
| $126 | Aetna | A |
| Plan N Cost | Company | Financial Strength |
|---|---|---|
| $90 | Mutual of Omaha | A+ |
| $94 | Aetna | A |
| $99 | Cigna | A |
What Do Medicare Supplement Plans Cover?
Medigap policies may cover the following:
- Part A coinsurance and hospital costs for an additional 365 days after Medicare benefits have been used
- Part B copayments or coinsurance rates
- The first three pints of blood that are needed
- Part A hospice care coinsurance or copayment amounts
- Skilled nursing facility care insurance rates
- The deductible amount required for Part A
- Part B deductible (only available on specific plans) for people eligible before 2020
- Excess charges
- Foreign travel emergency services
How Much Do Medigap Plans Cost in Indiana?
If you enroll during your open enrollment period, you can expect to pay $121 to $382 monthly for Medigap plans A, G, and N in Indiana.
However, your monthly premium will vary based on your insurer and how they rate premiums.
Medigap policies can be rated in three ways:
- Community-rated: Your premium is not based on age; the price may only change due to inflation or other factors.
- Issue-age rated: The amount you pay for your policy is based on when you purchase the insurance, and your premium will not increase as you get older. Inflation or other external forces are the only things that can raise prices.
- Attained-age-rated: Your premium cost depends on how old you are when buying the policy, and it can go up as time goes by because of money value factors such as inflation.
How to Choose a Medigap Plan in Indiana
As you compare plans available in your area, consider these factors:
Monthly premium: This is paid in addition to your Part B monthly premium. It is a set amount you pay each month, regardless of whether or not you use your benefits. The premium costs are determined based on several factors, such as the type of plan selected, age, gender, tobacco use, and state of residence.
Plan options: With every type of plan, you are offered basic coverage for Part A copays and coinsurance, at least a portion of the Part B copays and coinsurance, three pints of blood, and hospice care. However, other benefits may not be included. Check which benefits are most important to you before finalizing your purchase.
Insurance provider: Always check the ratings and reviews to understand other people’s experiences when looking for a carrier. You can also contact a company representative to discuss their customer service levels and responsiveness.
Extra discounts: Some insurance companies offer additional benefits or discounts once you become a member. For example, you may have access to discounted hearing aid providers or eyeglass suppliers.
When to Sign Up
If you want to get the best price on your Medicare Supplement Insurance, it’s recommended that you buy a plan as soon as possible after enrolling in Parts A and B of Medicare.
If you are 65 or older and enrolled in Parts A and B of Medicare, Medigap Open Enrollment starts on the first day of your birthday month and lasts six months. An insurance company cannot use medical underwriting to determine whether to accept your application or charge a different price during this period.
There are specific situations where you have the guaranteed right to purchase a Medigap policy, regardless of your health condition or any preexisting conditions.
The following reasons include:
- Moving out of the coverage area while in a Medicare Advantage Plan or Medicare SELECT Plan
- Your existing Medicare Advantage Plan leaving Medicare coverage
- Your other insurance plan outside of Medicare is ending
- You are within your trial right period
- Your plan coverage ends through no fault of your own
How to Sign Up
You can sign up for a Medigap plan by contacting one of our agents and ensuring you’re in your open enrollment period or have guaranteed issue rights. Then, fill out the application and decide when you want your policy to begin.
Frequently Asked Questions:
The cost of Medicare Supplement plans in Indiana can range from $90 to $382 per month and varies depending on the plan.
Aetna and Mutual of Omaha are two of the most popular options. Both companies offer comprehensive coverage plans and a range of benefits to help manage your healthcare needs easier.
Medicare Supplement Plan G is an excellent option for many Medicare beneficiaries, as it offers significant coverage with relatively low out-of-pocket costs.
Next Steps
We specialize in guiding Medicare beneficiaries through their Medicare insurance options. We work with some of the nation’s top-rated Medigap carriers to ensure you get the best possible service. Take a deeper look at the plans by reviewing our Medicare Supplement Plans Comparison Chart. Additionally, you can give us a call today to learn more or request a quote online.
Article Resources:
- Types of Medigap Plans
- How Much Do Medigap Plans Cost?
- When Can I Apply for a Medicare Supplement Plan?
- How Do I Enroll in a Medigap Plan?
- When Can I Change Medigap Plans?
- Can I Be Denied Medigap Coverage?
- CMS Medicare Services
- Indiana State Health Insurance Assistance Program
- Indiana Department of Insurance
Disclaimer:
Average quotes are for sample purposes only. Actual premiums are based on several factors, including health conditions, age, location, tobacco status, gender, and insurance provider.
