Indiana Medicare Supplemental Insurance Overview
There are ten standardized Medicare supplemental insurance plans sold in Indiana. Medicare supplemental plans, also called 'Medigap', are designed to fill in the cost 'gaps' in coverage through Medicare Parts A and B. Medigap policies pay for many of the health care expenses that Medicare doesn't cover, such as co-insurance and deductibles.
Because Medigap policies are standardized, meaning that policies across Indiana offer the same exact benefits regardless of which company you choose, the biggest difference you're likely to find between companies is policy premiums.
While there are ten different Medigap policies available to seniors in Indiana, companies are not obligated to offer all of them at once. Although it's mandatory that an insurer offer Plan A, which consists of the most basic Medicare supplemental insurance benefits, many offer only a handful of policies.
When searching for a Medigap plan in Indiana, it's important that you compare premium prices (which may vary widely between companies), confirm that a company offers excellent customer service, and make sure to choose an insurer who offers the best Medigap policy to suit the needs of you and your spouse.
Medicare SELECT is an alternative type of Medigap health insurance available to seniors in Indiana. With Medicare SELECT, you receive the same plan benefits you receive with regular Medicare supplemental insurance, but you're required to choose health care providers from a predetermined provider network in Indiana and throughout the U.S. In exchange, Medicare SELECT premiums are lower than those of traditional Medigap policies.
Medicare supplemental insurance is regulated at the federal and state levels, but sold through private insurance companies. In Indiana, health insurance companies must be approved by the Indiana Department of Insurance (IDOI) in order to sell Medigap policies to residents. Check the IDOI website (http://www.in.gov/idoi/2541.htm) to make sure the company you're considering buying a policy from is registered with the state.
