Understanding Indiana Medicare Supplement Plans in 2020
You must be a resident of Indiana to buy an Indiana Medicare Supplement Plan. Medigap plans in Indiana follow the standard federal guidelines. The most significant difference between plans will be the cost.
In this research, you’ll learn how Medicare plans in Indiana work, why you need extra coverage, and how to get the plan you need. Then, we’ll answer a few common questions about Indiana Medicare.
We know relevant information is important to our readers; this page has been updated for 2020.
Best Indiana Medicare Supplement Plans
In the past, Plan F had more enrollees than any other plan. But, with Plan F going away, Plans G and N grew in popularity.
We believe that since Medigap always pays claims on services Medicare covers, all plans make a great choice.
How Medigap Could Benefit Indiana Resident, Chris
I’m going to use Chris as an example to explain Medicare in Indiana better; and, for the most part, Medicare across the nation.
How much will Medicare cover? Well, that depends on the cost of care.
If Chris has a major surgery with no issues, it could cost him several thousand dollars. But, if Chris has serious complications, he could pay tens of thousands of dollars.
Now, if Chris has Plan G, he won’t pay the Part A deductible or coinsurance; he’ll just pay the premium and Part B deductible.
A Medicare Supplement Plan can reduce costs by paying the portion of the bill that is Chris’s responsibility.
Please keep in mind, the best plan for Chris might not be the most suitable option for you. If Plan N in your area is more competitive and makes the most sense for you, then sign up for that option.
Further, if you’re looking to keep more money in your wallet, you could consider the High Deductible Plan G option.
Indiana Medigap Premiums
The cost of Medicare Supplement plans will vary between people. For someone in the Medigap Open Enrollment Period, the premium will be lower than someone older in need of underwriting.
Let’s use Chris for another example.
If Chris is turning 65 and living in Indianapolis, he could expect to pay between $90 and $100 for Plan G. But, the High Deductible Plan G cost as low as $29 a month.
With savings like that, it’s worth considering. Although, there will be some that want to steer clear of high deductibles, and that’s understandable. The choice is always yours.
Now, if Chris moves, the cost could be higher or lower, depending on his location. Further, premiums vary between insurers.
Mutual of Omaha in Indianapolis could be cheaper than other carriers. Whereas, in Gary, another insurer could be more affordable.
The takeaway is that you chose a reputable company and policy.
Indiana Medigap Eligibility
Eligibility for Medigap plans in Indiana is the same as everywhere else across the nation. Once you turn 65 and have Part B, it’s the prime time to choose a plan.
In the state of Indiana, if you leave employer coverage that is primary to Medicare, Guarantee Issue rights apply.
Those over 65 leaving employer coverage have a 63-day window to get Medigap without underwriting.
You can apply for Medigap in Indiana anytime. But, you must go through underwriting outside the Open Enrollment Period or Guaranteed Issue Period.
If you move, contact Medicare to see if you qualify to change your plan.
Indiana Medigap for the Disabled Under 65
State laws don’t work in favor of Medicare recipients under 65. No company has to offer Medigap to those under 65. Medicare recipients under 65 will benefit from Advantage coverage.
Some Advantage policies offer plans for people with disabilities, such as heart issues or diabetes. We call these policies Special Needs Plans. If one of these plans is available in your zip code, then a Special Enrollment Period to apply for this policy exists.
If you want Medigap, you can enroll at age 65 during your Open Enrollment Period. Of course, if you move, look into state laws because some states require Medigap insurers to offer plans to those under 65.
Medicare Advantage Plans in Indiana
Advantage plans usually have a low premium. Those 65 or older that can’t afford Medigap should consider an Advantage plan.
Almost 30% of Indiana Medicare enrollees chose an Advantage plan. While this plan has a lower premium than Medigap, Advantage plans come with rules.
These rules include limits on coverage, in-network doctors, and cancellation restrictions. Sometimes, in the long run, Advantage plans will cost more.
To better explain, let’s use Chris in another example. Chris enrolls in an Advantage plan and is in the hospital for 6-days because of a minor stroke.
First, the ambulance would be a $265 copayment. Then, the inpatient hospital stay is $295 DAILY for days 1-6.
In 6 days, Chris becomes responsible for paying over $2,000 in medical bills.
Now, there is a Maximum Out Of Pocket (MOOP) benefit protecting him from high spending. Yet, The MOOP is usually between $3,500 and $10,000 on most policies.
Chris’s policy has a MOOP of $5,500. So, when he pays the $5,500, the plan pays 100% of the remaining covered benefits until the end of the year.
Now, if Chris went with Plan G instead, his annual costs could only reach $1300 for the year. In this case, Medigap is more affordable than an Advantage plan.
Medicare Part D in Indiana
Prescription plan premiums start around $15 a month in Indiana.
But, those that delay Part D will incur a penalty if they get Part D.
You can find the best plan for you by comparing annual drug costs for all options in your area.
Indiana follows the Medicare Part D guidelines for 2020.
How to Compare Medicare Supplements in Indiana
There are different routes you can take on the Medicare journey, let us help find the right one for you. Our agents are Medicare experts with access to top carriers across the nation.
Call us from the comfort of your home. Your agent can answer questions and make a suggestion based on your needs.
Once you know the policy and company you want to select, our agents can walk you through the enrollment process.
Call an agent at the number above today to find the best plan for you. Or, fill out an online rate form and see your rate now!