Using our independent agency, you can compare Indiana Medicare supplement insurance plans from several different insurance providers. We represent all carriers direct to you and at no additional cost.
We work with those age 65 in open enrollment, individuals losing group coverage, and those shopping for better rates.
We work with: Aetna, American Continental, Anthem Blue Cross and Blue Shield, Central States Indemnity, Cigna, Equitable, Great Southern, Guaranty Trust Life, Heartland National, Humana, Manhattan Life, Mutual of Omaha, Sentinel Life, United American, United Healthcare AARP, Western United, and several others.
There are ten supplemental plans to choose from – Plans A though N. In Indiana, Medicare Supplement Plans F, G and N are popular as they cover the most common gaps in Medicare.
Plan F offers the most comprehensive coverage as it fills in all gaps in Original Medicare. Like all Medicare supplements sold today, Plan F does not cover prescription drug overage. Part D drug plans are sold separately, but we assist our clients with those as well.
Plan G is also a good choice in Indiana for your supplemental policy. It covers everything except for the small Part B deductible ($198 for 2020) and the lower premiums can more than make up for this deductible. Plan G can have lower yearly rate increases as well.
Plan N is unique in that it has office copays, but it can be found for near $80 a month in some cases. Plan N does not cover the Part B deductible nor Part B Excess Charges. In our experience, Part B Excess Charges are rare and not often encountered.
High Deductible Plans G and F are also good choices. For those who desire low monthly premiums and the convenience of a traditional supplement, High Deductible Plan G & F can be suitable options. The annual deductible is $2,340for 2020 which is much lower than the out-of-pocket associated with most Medicare Advantage plans.
If you are new to Medicare in 2020, then Plans F and C (including HD Plan F) will not be available for purchase. This rule was passed by Congress a few years back. Plans G and N are still very good Medicare Supplement insurance options, however. They will in the largest gaps and leave little out of pocket exposure for their owners.
For 2020, the Part A deductible has risen to $1,408 and the Part B deductible will be $198. Thus, it is a good idea to purchase a supplement that covers the Part A amount (which most do) as it’s the larger of the two. The Part B yearly amount is smaller and more manageable which is why Plans G and N can be a good value.
Additionally, some carriers will provide premium discounts if you are in open enrollment or applying with a spouse. Aetna, Mutual of Omaha and Manhattan Life provide discounts for both husband and wife when they are insured together.
In other cases, you only need to live with someone else to qualify for a discount. Both residents do not need to buy a policy and the other person can be unrelated and under age 65. Many plans will also provide discounts if you pay monthly (bank draft) or annually as oppose to quarterly. And non-smokers will typically get a lower rate on their insurance as well.
Medicare rules provide for a six month open enrollment window when you turn age 65 – the three months before and after your 65th birthday. During those six months, you cannot be turned down for a Medicare supplement insurance policy. There is no waiting period for preexisting conditions during Medicare open enrollment.
In some cases, you can be turned down for an insurance policy if you are in poor health and did not take advantage of your enrollment window. There are some qualifying events that negate this rule such as: losing group coverage, moving to a new service area, enrolling in Part B for the first time and/or involuntary loss of other credible coverage.
When losing group coverage of any kind, you will need to show proof through a letter from your previous employer. Most group plans will send out a letter of your guaranteed Medicare rights detailing your loss of coverage.
If you are under age 65 and eligible for Medicare due to disability, current laws in Indiana do not allow for the purchase of a supplement. You can purchase a stand-alone prescription Part D plan or a Medicare Advantage Plan. You may not need both as most Advantage plans include Part D Drug coverage.
In our view, Medicare Advantage plans offer a good alternative to Original Medicare and a stand-alone drug plan. These private insurance policies cover all benefits provided by Original Medicare Parts A & B – and then fill in some of the gaps left behind. Oftentimes, ancillary benefits like dental, vision, hearing are included as well.
Your out-of-pocket exposure can be much less with and Advantage plan when compared to nothing at all. You do want to make sure that your doctors and hospitals accept the plan you prefer before enrolling. We can help you compare benefits and costs while also building your understanding of what to expect from Medicare Advantage coverage.
The state of Indiana offers a comprehensive website detailing insurance options for those under/over age 65.
Our independent insurance agency serves all of Indiana including Indianapolis, Bloomington, Richmond, Fort Wayne, Terre Haute and beyond. You can compare the lowest rates from several highly-rated companies and enroll direct with us at no additional cost.