Both Medicare and Medicare Supplemental Insurance, or “Medigap” coverage, is regulated by the federal government and the state of Indiana. Medigap covers the “gap” that can be left with traditional Medicare coverage. Other private insurance might help Medicare patients pay out-of-pocket fees but does not qualify as filling that gap.
You must have both Medicare Parts A and B in order to qualify for Medigap plans. Indiana residents have 10 Medigap options to choose from. There are a number of different policy providers that you can choose from, and all providers offer Medigap plans that are exactly the same. The premiums charged by different providers can vary drastically, making it is essential to shop around for the best price. To view plans, fill out the zip code form and compare prices instantly.
Indiana considers plans A – J as “basic benefit packages.” Plan A is the most basic and Plan J offers the most comprehensive coverage. Consult with a qualified insurance agent to discuss the details of each plan. Keep in mind that Medigap Plans are different from Medicare Parts A and B.
Medigap Plans A – J are standardized and most of these plans cover a large portion of any co-pays, deductibles, and co-insurance that remains after Medicare Parts A and B have contributed. Some of these plans may also help with prescription drug coverage.
Medigap premiums in Indiana may be calculated in three ways. An issued age, attained age, or “no age rating” might be used by the insurance carrier. Issued age means that premiums are based on the age in which an applicant was first approved for Medicare, the attained age bases premiums on current age, and a “no age rating” means that age isn’t factored into the equation. To get personalized rate information, fill out the zip code form and compare policies instantly.
An avenue for saving money is opting for a Medicare Select policy. The premiums are often much lower for these policies. However, just like when a person had health insurance provided by an employer or purchased privately, only doctors within certain networks can be utilized. A person must also live in an area where a network exists.
Each Medigap policy covers different aspects of care and at different percentages. This can include the fees associated with a skilled nursing facility, Part A deductible, Part B deductible, Part B excess charge up to 100%, and foreign travel for health-related needs.
Keep in mind that applicants must meet a deductible for these plans in order for the 100% coverage to begin. These deductibles can be up to $4,600 depending on which plan is selected.
Indiana is one of the few states considering only partially expanding the Medicare programs during the federal healthcare overhaul. The state has joined New Mexico and Wisconsin in asking to be excused from the Medicaid expansion. Indiana is hoping to utilize the Affordable Care Act which means residents who no longer qualify as “poverty-level” under the expansion will receive a subsidy to purchase private insurance. If you are interested in learning more about policies and rates in your area, fill out the zip code form to view options and pricing instantly.
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