May 14th 2024
By Ari Parker
Find out how to weigh your options for Medicare Supplement plans in Indiana. Read tips on enrolling in the best Medigap plan for you.
By Ari Parker
Medicare Supplement plans are an important coverage option for the nearly 72% of beneficiaries enrolled in Original Medicare in Indiana. Also called Medigap, these plans help offset the out-of-pocket costs associated with Original Medicare services.
When it comes to Medicare, you should always consider your healthcare priorities. Of the ten Medigap plans, Medigap Plan G and Medigap Plan N tend to be the best, but your health and financial needs could mean another plan is better for you. In this post, we’ll discuss the different plan options available in Indiana and how to choose the best Supplement for you.
Medigap plans are standardized across the country, so most states offer the same ten plans.
Every plan of the same type provides identical coverage, but your monthly premium varies based on personal and policy factors.
There are three pricing structures insurance carriers use to price their plans: community rated, issue-age rated, or attained-age-rated.
Take a look at our Indiana Medicare Guide for information on how to enroll, compare coverage options, and save money on insurance plans.
When not coupled with a Medicare Supplement plan, Original Medicare coverage has “gaps” that can leave beneficiaries with higher costs for services received. That’s why these policies are called “Supplements” or “Medigap”—because they supplement or fill the gaps in Original Medicare coverage.
Insurance carriers offer Medigap plans as an additional coverage option that you can stack on top of Original Medicare. Medigap plans are federally regulated, so most states, including Indiana, offer the same ten plans, labeled A through N.
Indiana, along with 46 other states, has ten Medigap plans (Plan A through Plan N) that residents can choose from. These plans are standardized, so each plan of the same type will have the same benefits. In other words, all Medigap Plan As offered by different insurance companies will all provide identical coverage.
Each letter has its own level of coverage, and there’s also a high-deductible option for both Plan G and Plan F.
Our Medigap comparison chart is a helpful tool that outlines the differences between each plan.
*Note that Plans F and C are unavailable for Medicare beneficiaries who turn 65 after January 1, 2020.
Plan G is the most popular Medicare Supplement plan in Indiana. Beneficiaries choose Plan G because it covers coinsurance and copays that Original Medicare doesn’t cover, and covers 80% of foreign health expenses. By covering many costs, it gives people financial predictability, regardless of the medical services they need in a year. Plan G also has a reasonable monthly premium in most cases, making it both an affordable and comprehensive option.
Even though Plan G works for many people, it might not be the best plan for you. Before enrolling in a plan, you should consider which plan is best suited to your medical needs, budget, and lifestyle. One of our licensed Medicare Advisors can help you rank your priorities so you can find the right plan for your needs.
Medigap premiums in Indiana range from $30 a month for a high-deductible Plan G to $1,450 for the highest-cost Plan A. Medicare’s plan comparison tool lists all of the plans available in Indiana—or you can contact us at 855-900-2427 to get more information about Medicare Supplement plans in Indiana.
The specific cost of a Medicare Supplement plan varies between people because your premium depends on both personal factors and plan pricing structures.
For example, men, tobacco users, and older adults tend to pay higher premiums due to having more healthcare needs.
When you enroll can also affect how much you pay. You might have a higher premium if you enroll outside of your Medigap Open Enrollment Period because you’ll likely need to go through Medical underwriting.
Some other factors that may affect your premium include:
Your age
Your gender
Where you live
Whether or not you smoke
When you enroll
Whether or not you live with someone who is also eligible for Medicare
Economic factors like inflation
Your policy’s pricing structure
There are three different structures insurance carriers use when pricing Medigap plans. Medicare Supplement plans can either be community-rated, issue-age-rated, or attained-age-rated.
Community-rated plans tend to be the most cost-effective because your monthly premium is the same regardless of your age.
Issue-age-rated plans price your monthly premium based on your age at the time you enroll in the plan, but it does not get more expensive as you get older.
Attained-age-rated plans use your current age to determine your monthly premium. Premiums are low when you first enroll and are younger but will increase as you get older.
As we get older, finding the best healthcare coverage becomes increasingly important because more health issues can arise. Making such an important decision can feel overwhelming, but luckily, you don’t need to do it alone! Working with a licensed Chapter Medicare Advisor can help you choose the best Medicare coverage for your needs. Give us a call at 855-900-2427 or schedule a chat to get started with obligation-free advice.
