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 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 $96 to $382 per month.
- Ace Insurance Company offers Plan G at the most affordable rate of $96.50 per month.
What’s the Most Popular Indiana Medigap Plan in 2024?
Medigap Plan F and Plan G are the most popular plans in Indiana.
Starting in 2020, there was a change for new Medicare enrollees in Indiana. They are no longer eligible to enroll in Plan F, which used to have the highest number of beneficiaries with over 149,500 individuals.
Instead, the new preferred option is Plan G, which has now attracted over 180,920 enrollees. Another popular choice is Plan N, with over 36,400 enrollees.
Less popular plan options include:
- Plan K – 886 enrollees
- Plan L – 694 enrollees
- Plan A – 1,565 enrollees
- Plan C – 5,256 enrollees
You can look closer at our comprehensive Medicare Supplement Plans Comparison Chart to gain valuable insights into these plans.
Who Offers the Cheapest Medigap Rates in Indiana?
We have determined that Ace Insurance Company offers Indiana’s most competitively priced Plan G. When choosing a plan, it’s crucial to consider various factors such as coverage options, customer service, and financial stability.
To simplify your decision-making process, we’ve created a detailed comparison chart that showcases how Ace Insurance Company stacks up against other providers in Indiana. This comprehensive chart includes premium examples and ratings, giving you valuable insights to make an informed decision.
| Company | AM Best Rating | Plan G Rates | Plan N Rates | HDG Rates | Plan F Rates |
|---|---|---|---|---|---|
| Ace Property and Casualty Insurance Company | A++ | $96.50 | $73.83 | $38.67 | $112.33 |
| Allstate Health Solutions | A+ | $101.69 | $78.93 | n/a | $124.40 |
| American Home Life Insurance Company | B++ | $102.33 | $74.65 | n/a | $122.82 |
| SBLI USA Life Insurance Company, Inc (Prosperity) (Preferred) | A- | $102.41 | $74.69 | n/a | $112.61 |
| Medico Corp Insurance Company (Preferred) | A | $103.22 | $80.17 | $35.62 | $124.97 |
| AFLAC | A+ | $104.65 | $79.88 | n/a | $129.74 |
| Mutual of Omaha Insurance Company | A+ | $105.13 | $78.41 | $37.85 | $135.59 |
| New Era Life Insurance Company | A- | $105.32 | $82.44 | $30.35 | $135.66 |
| American Benefit Life Insurance Company | A- | $107.40 | $80.32 | n/a | $133.95 |
| Elips Life Insurance Company | A | $108.25 | $83.17 | $42.92 | $127.33 |
| Manhattan Life Assurance Company | B++ | $110.08 | $81.58 | n/a | $133.25 |
| Union Security Insurance Company | B++ | $111.54 | $83.91 | n/a | $149.89 |
| Capitol Life Insurance Company | A- | $113.70 | $81.65 | n/a | $138.85 |
| United States Fire Insurance Company | A | $115.67 | $75.83 | $36.17 | $135.25 |
| Humana Insurance Company | A- | $118.37 | $93.12 | $39.24 | $141.95 |
| Anthem Blue Cross and Blue Shield – Indiana | A | $124.62 | $126.19 | n/a | $175.03 |
| Assured Life Association | NR | $131.56 | $92.60 | n/a | $176.29 |
| Cigna National Health Insurance Company | A | $136.86 | $97.70 | n/a | $181.77 |
| Aetna Health and Life Insurance Company | A | $137.36 | $132.28 | n/a | $202.09 |
| GPM Health and Life Insurance Company | A- | $144.86 | $85.18 | n/a | $199.92 |
| Bankers Fidelity Assurance Company (Preferred) | A- | $150.75 | $83.68 | $36.19 | $184.70 |
| Guarantee Trust Life Insurance Company | A- | $176.55 | $138.62 | n/a | $215.37 |
| United American Insurance Company | A | $185.00 | $164.00 | $29.00 | $212.00 |
| Heartland National Life Insurance Company | NR | $193.81 | $139.15 | n/a | $244.30 |
How Much Do Medigap Plans Cost in Indiana?
Ace Insurance Company offers Plan G at the most affordable rate of $96.50 per month, making it the cheapest option among all providers. For those seeking a cost-effective Medigap Plan N, Ace Insurance Company also offers a competitive price of $73.83 monthly.
If you prefer a High Deductible Plan G with a low price tag, United American Insurance Company offers this plan for $29 per month. And regarding the best rate for Plan F, Ace Insurance Company stands out with a competitive price of $206.73.
It’s important to note that your actual monthly premium may vary depending on your insurance provider and their rating criteria.
Do Medicare Supplement Plans Cover Prescription Drugs?
Medicare Supplement plans typically do not provide coverage for prescription drugs. Alternatively, you can obtain drug coverage by enrolling in a separate plan called Medicare Part D.
Medicare Part D plays a vital role in the federal Medicare program, offering beneficiaries coverage for costly prescription drugs. Through collaboration with Medicare-approved private health insurance companies, Part D ensures individuals can access the necessary medications without breaking the bank.
Do Medigap Plans Have Star Ratings?
Medicare Supplement (Medigap) plans are not eligible for star ratings. The Star Rating system, established by the Centers for Medicare & Medicaid Services (CMS), strives to offer beneficiaries a straightforward assessment of a plan’s quality based on factors like customer satisfaction, preventive care, and effective management of chronic conditions.
Since Medicare Supplement plans offer standardized coverage across different insurance companies, the need to rate them individually is not necessary.
Star ratings apply to Medicare Advantage, Medicare Cost, and Medicare Part D prescription drug plans. The ratings serve as a valuable tool for beneficiaries to make informed decisions when selecting their Medicare plans.
Next Steps
To enroll in a Medigap plan, contact one of our agents to verify your eligibility during your Medigap Open Enrollment Period or if you have guaranteed issue rights. Afterward, simply fill out the application and choose your desired policy start date.
At our company, we specialize in guiding Medicare beneficiaries and helping them navigate their Medicare insurance options. Our goal is to ensure that you receive the best possible service, which is why we collaborate with some of the nation’s top-rated Medigap carriers.
Whether you prefer to give us a call today or request a quote online at your convenience, we are here to assist you.
Frequently Asked Questions:
The cost of Medicare Supplement plans in Indiana can range from $29 to $382 per month and varies depending on the plan.
Ace Insurance Company 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.
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.
