Indiana Medicare Supplement plans help to pay for the gaps in Medicare. Since Medicare doesn’t pay 100% of your medical costs, beneficiaries are responsible for things like deductibles and co-insurance. However, hospital deductibles and other cost-sharing expenses can be quite expensive. This is where Indiana Medicare supplement plans can help.
Indiana Medicare Supplement Plans (Medigap)
Indiana Medicare Supplements are also sometimes called Medigap plans. Medicare supplements were standardized by our federal government in 1990 to make it easier for consumers like you to compare plans.
Each plan is now labeled with a letter, from A through N, which outlines the benefits package that comes with that plan. The keyword here is plan. Medigap Plan A is different than Part A. Be sure not to confuse these.
Indiana Medicare Supplement Plan F is the most comprehensive of these plans. It covers both deductibles for hospital and outpatient services and also the 20% co-insurance that normally you would be responsible for on all Part B services. However, other Indiana Medigap plans are also popular for beneficiaries willing to do cost-sharing in exchange for lower premiums.
Indiana Medicare Supplement Plan G
Indiana Plan G functions exactly the same as Plan F with one exception. You agree to pay the once per year Part B deductible. After that, Plan G pays everything else, just like Plan F.
Since you are paying the deductible, Plan G rates are often lower than Plan F. Many people find that the savings in the premium are more than what they spend on the Part B deductible. The rest stays in your pocket.
Indiana Medigap Plans Enrollment
The best time for people 65 and up to enroll in a Medicare supplement is during your open enrollment. Your Medigap open enrollment window begins on your Part B effective date and lasts for six months.
If you apply during this time, the insurance company will accept your application. The insurance company cannot turn you down for pre-existing health conditions. This is why your Medigap open enrollment period is considered the best time to enroll in an Indiana Medigap plan.
Applications made later will require underwriting unless you are leaving other creditable coverage like employer group insurance. People leaving large employer group coverage when they retire after age 65 will have a shorter guaranteed issue window. They can apply for certain Medigap plans within 63 days of retiring and leaving the employer coverage. During this time, there is no medical underwriting during this time either.
Medicare for People under 65 in Indiana
Indiana State Law does not protect people on Medicare under age 65. The state of Indiana currently does not require Medicare Supplement insurance companies to offer you an open enrollment window if you are under age 65.
For people in this situation, Indiana Medicare Advantage plans are a great alternative means of coverage. Some people over age 65 may also want to consider Medicare Advantage plans for lower premiums.
Medicare Advantage Plans Indiana
Medicare Advantage plans are private health care plans that pay instead of Medicare. When you enroll in Medicare Advantage, you agree to get your benefits from that plan’s network of doctors and hospitals. Most Medicare Advantage plans have lower premiums than Medigap plans. However, you will pay more for cost-sharing as you go along.
A common example is that Advantage plans charge copays for doctor visits. Depending on the company you choose, that copay could range from $0 to $50 or more. You’ll want to think about how often you use medical services and determine if the premium savings is worth the copays you will incur.
Many people new to Medicare feel overwhelmed at the choices. At Boomer Benefits, we help people understand the differences in coverage so that you can choose a plan that meets your budget and provides the right benefits.
We have software that will compare the different insurance plan prices and benefits, as well as financial ratings. This information makes it easy to narrow down your choices.
Contact us for your free Indiana Medicare supplement plans comparison report today!