Our older years are filled with many choices: Which activities should you pursue? When should you retire? Should you downsize or relocate?
These are questions we must all contend with, but when you’re approaching your 65th birthday, the most prominent query that needs answering is, “Which Medicare option is right for you?”
For Indiana residents close to reaching the milestone, it’s never been more timely for you to recognize the ins-and-outs of Medicare. Of course, changes to your health care coverage can be daunting, but Medicare is here to save you money, and it isn’t as complicated as it might seem!
Read on as our experts explore Medicare Supplement Insurance and Medicare Advantage plans in Indiana.
2020 Indiana Medica statistics:
Around 20% of Indiana’s population is enrolled in Medicare, much higher than the national average. Still, many will be unaware of the financial assistance available to help cover costs.
Before we look at Indiana’s Medicare options, let’s look at the four Medicare Savings Programs that can provide significant savings:
Medicare Supplement Insurance plans (also known as Medigap plans) help Original Medicare beneficiaries cover out-of-pocket costs. The plans fill in these gaps by covering a portion of the expenses, including deductibles, copayments, and coinsurance.
Some Medicare Supplement plans in Indiana offer additional benefits, such as emergency medical care outside the USA, but the plans cannot provide coverage for prescription drugs.
Medigap plans are entirely standardized, so Plan C, for example, will have the same benefits regardless of the insurance provider. The coverage and benefits remain the same from company to company, but costs and out-of-pocket expenses will vary.
Medigap Plan G is a commonly chosen plan for Indiana Medicare beneficiaries. The plan is one of the most comprehensive and functions the same as Plan F, except enrollees must pay the annual Part B deductible. Because the enrollee must pay the Part B deductible, the premiums are often lower than Plan F.
Many states do not allow Medigap insurance for individuals who qualify for Medicare early through disability. However, Indiana is now providing Medicare Supplement Insurance to all Original Medicare enrollees, including those under 65 years old.
As of July 2020, Medigap insurers in Indiana must offer at least one Medigap plan to individuals under 65 who are eligible for Medicare due to a disability.
The best time for Indiana residents to enroll in a Medicare Supplement plan is during their Medicare Supplement Open Enrollment. The Medicare Supplement Open Enrollment is a six-month period that starts on the date Part B coverage becomes effective.
If you miss the six-month period, insurers can use your preexisting health conditions to charge higher premiums and even deny coverage.
Medicare Advantage plans provide the same coverage as Original Medicare, plus extra benefits like prescription drug coverage and other healthcare services. Medicare Advantage combines the benefits of Original Medicare (Part A and Part B) and specific supplemental plans in a single plan.
In Indiana, Medicare Advantage plans are widely available regardless of what area you live in – even residents in areas with the lowest coverage can choose from 11 different plans. However, certain Indiana areas have up to 29 different plans available.
With so many options available, Indiana beneficiaries should compare all Medicare Advantage plans. Each has different out-of-pocket costs, prescription drug coverage, and other benefits.
Indiana residents can switch between Medicare Advantage and Original Medicare during Medicare’s annual election period (October 15 to December 7). Residents can also switch to a different Medicare Advantage plan during the Medicare Advantage open enrollment period (January 1 to March 31).
Alongside hospital and medical coverage (Part A and B), some Medicare Advantage plans in Illinois provide prescription drug coverage (Part D). Medicare Advantage plans that include this coverage are known as Medicare Advantage Prescription Drug plans.
Medicare Advantage holders should get prescription drug coverage through a Medicare Advantage plan instead of a stand-alone Medicare Prescription Drug Plan (Part D). If you join a Part D plan while enrolled in a Medicare Advantage plan, you’ll be disenrolled and returned to Original Medicare.
In Indiana, around two-thirds of Medicare beneficiaries who have Part D prescription coverage get their coverage under a stand-alone Part D plan, and the other one-third has Part D coverage as part of their Medicare Advantage plan.
Indiana beneficiaries can change their Medicare Supplement plan at any time. However, if you make changes outside of your initial six-month Medicare Supplement Open Enrollment Period, you might have to answer health questions during enrollment. Insurers can then use preexisting health conditions to charge a higher premium and possibly deny coverage.
No. It isn’t possible to have both Medicare Supplement Insurance and Medicare Advantage – it’s one or the other. Compare the benefits of the two and choose the one that better suits your needs.
If you have any questions about Indiana Medicare in 2021, and your eligibility for financial assistance, speak to one of our licensed agents today. Our agents will discuss your Medicare options and help find a plan that works for you. Call us today at 1-844-236-0228.
Interested in a quote for Indiana Medicare Insurance? Call 1-844-236-0228 to speak with a licensed agent.