Indiana Medigap plans follow the Federally-standardized Medigap coverage chart,
which dictates which plans insurance companies can offer. Although plans are standardized – including coverage, claims payments, and doctor acceptance, Indiana Medigap rates can vary considerably. For this reason, it is important to understand how plans work, how rates are set, and what companies are competitively priced.
Comparatively, Indiana Medigap plans have lower rates than many other states. In short, it is a good state to be a Medigap plan consumer. There are not as many Medicare Advantage plans as there are in some states, and there are a large number of companies in the Medigap market. This serves to keep rates lower, on average, than many other places.
Some of the companies that are currently competitively priced here include: Medico, Mutual of Omaha, CIGNA, Central States Indemnity (part of Berkshire Hathaway), Forethought and Philadelphia American. There are other companies – about 30 total – that offer plans, including some of the big “names” like Anthem and AARP/United Healthcare. However, although plenty of people choose these options based on “name” alone, they are not as competitively priced as some of the other companies listed above (and others).
Medigap Plan F is the most common and comprehensive plan; however, it is not always the best deal. Medigap Plan G is the plan that generally comes out better in the long-run, if comparing ‘F’ and ‘G’. Plan G doesn’t cover the Medicare Part B deductible ($147/year), but the premium savings are typically several hundred dollars of year, which more than offsets the deductible amount. Additionally, Plan G is historically more rate-stable than Plan F (find out why).
In Indiana, there are several aspects of the plans that are state-specific and that you should know when shopping for an Indiana Medigap plan. First of all, Indiana does not have an under-age requirement for those people going on Medicare disability under age 65. This means it is difficult – in some cases, impossible – for someone under 65 on Medicare disability to get a Medigap plan.
For people turning 65, tobacco rates do apply in Indiana, so tobacco users would likely pay a higher rate for a plan, even if you are applying during their initial open enrollment window.
Lastly, if you have an employer/group plan and are voluntarily terminating your coverage, Indiana Medigap plans are still offered on a “guaranteed issue” (no underwriting) basis IF your employer/group plan is primary to Medicare. This is not the case in many states.
If you have any questions about how Indiana plans work or would like to compare IN Medigap plans, you can contact us online or call us at 877.506.3378.