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What to Know About Medicare Supplement Insurance Plans in Indiana
There’s a good chance people throughout the U.S. know more about the movie Hoosiers set in Indiana than they know about Medicare Supplement Insurance plans in Indiana. But this story is not one about redemption and second chances. It’s a story about how to fill in some of the “gaps,” such as coinsurance, deductibles and copayments left by what Medicare Parts A and B do not cover.
It’s very important for people living in Indiana to understand how a Medicare plan can supplement out-of-pocket costs. It’s easy to find these supplemental plans as they are available from private insurance companies throughout the state.
Residents of Indiana have 8 Medigap or Medicare Supplement plans from which to choose. These include basic benefits from plans A, B, D, G, K, L, M and N. Medigap plans C, E, F, H, I and J are no longer available to those who are newly eligible to Medicare but enrollees in these plans are grandfathered into them.
As of 2020, Medicare Supplement Insurance plans will no longer sell Medigap plans C or F to newly eligible Medicare members. Congress has decided that new Medigap plans will no longer be allowed to cover the Part B deductible after January 1, 2020. This will only affect Medicare Supplement plans C and F as these are the only Medigap plans that cover the Part B deductible. Anyone enrolled in a Medigap plan C or F as of December 31, 2019, will be grandfathered and will be able to continue to use their plan as long as they want.
Indiana residents looking for a Medicare Supplement Insurance plans need to first look at their specific coverage needs to determine what Medigap plans they should consider.
Most Popular Medicare Supplement Insurance Plans in Indiana
The statistics below demonstrate a view of the most popular Medigap plans chosen by Indiana residents. Insurance companies that offer the 8 national Medicare Supplement Insurance plans offer the same basic benefits, but those plans may come at different prices based on your place of residence and insurance carrier. Each insurer may not offer each of the available Medigap Supplement plans.
As reported by AHIP, among those who selected a Medigap policy, the majority (56.3%) choose Plan F, 22.4% choose Plan G and 11.4% choose Plan N. Below is the breakdown of the number of Indiana enrollees by Medigap plan type.
Source: AHIP. Reflects data through December 31, 2017.
Source: AHIP. Reflects data through December 31, 2017.
While a Medigap policy will help pay for things like copayments, coinsurance and deductibles not covered by Medicare Parts A and B, it is important to note that your Indiana Medicare Supplement Insurance plan will not cover benefits for prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. Before finalizing your elections, you may want to consider an Indiana Medicare Advantage plan, which typically covers prescriptions drugs and may also include other benefits, such as dental, vision, hearing coverage and gym memberships.
Learn more about your Medicare Supplement Insurance plan options in Indiana by working with a SelectQuote licensed sales agent. Acting as your advocate, our licensed sales agents can guide you through the Medicare maze to better understand Medigap plan options and answer any questions you might have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare plans in Indiana.
Indiana residents cannot be enrolled in a Medicare Supplement (Medigap) Insurance plan and a Medicare Advantage Insurance plan at the same time. A Medigap plan cannot be used for payment of any expenses for a Medicare Advantage plan.
Indiana Medicare Supplement Plan Enrollment Period
Initial enrollment timeframes are very important. Enrollment for Medicare Supplement Insurance plans in Indiana begins the first day of the month you turn at least 65 years old. In some special cases, enrollment could happen prior to this time. You also must be enrolled in both Medicare Parts A and B in order to get a Medicare Supplement Insurance plan.
Indiana residents have a six-month window surrounding the birth month to buy a Medicare Supplement Insurance plan. Indiana residents under the age of 65 can check with the Social Security Administration office for additional enrollment periods.
The best time to enroll in a Medicare Supplement Insurance plan is during the initial 6 months you are eligible for Medicare. At the age of 64 and 6 months, you can begin to make important Medicare choices, so enroll as soon as you’re eligible. During this important six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting. In other words, during this timeframe your acceptance is guaranteed. However, if you apply for Medicare Supplement Insurance outside of this 6-month timeframe, you will be subject to a physical exam. If you apply for Medigap coverage after the first six months of eligibility, a company can refuse to sell you a plan or premiums may also adjust depending on current health status and pre-existing health conditions.
Is an Indiana Medicare Supplement Insurance Plan Right for You?
As an independent third-party company, SelectQuote agents are here to help you get all the available benefits you deserve and help you understand your Medicare insurance options. Our agents can also help you become aware of the updates insurance companies make annually. A simple call or online form to SelectQuote can connect you with a licensed sales agent who can help you find the right Medicare Supplement Insurance plan for their needs.
To ensure you are getting all the benefits you are entitled to receive, call or complete your online form today. Let SelectQuote’s personal licensed sales agents simplify the Medicare maze by comparing rates and independently shopping insurance companies to help you find an affordable option that meets your unique needs.