There are questions we must all find the answer to when it comes to our health, 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!
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Indiana Medicare Insurance Trends
The Centers for Medicare & Medicaid Services (CMS) reported the following information on 2024 Medicare trends in Indiana:
- There are 1,337,027 Indiana residents registered in Medicare.
- In Indiana, the average Medicare Advantage monthly premium increased from $12.88 in 2023 to $16.29 in 2024.
- Currently, there are 147 Medicare Advantage plans in Indiana.
- Indiana residents with Medicare can purchase a Medicare Advantage plan, including those with $0 premiums.
- There are 21 stand-alone Medicare prescription drug plans available in Indiana for 2024.
- The lowest monthly premium for a prescription drug plan in Indiana is $0.
Medicare Offered in Indiana
Medicare is a government program designed to help people who have reached the age of 65 and those with disabilities.
Original Medicare
Original Medicare is a federal program that has evolved over the years to cover more medical expenses. It offers two parts, Medicare Part A and Medicare Part B. The former covers inpatient care and other hospital services, while part B helps with medically necessary treatments like blood work or preventive screenings.
Medicare Part A is free to most recipients. However, Medicare B has a premium dependent on the recipient’s income level.
Both Part A and Part B also require beneficiaries to cover out-of-pocket expenses. These include deductibles, copays, and coinsurance costs.
Medicare Advantage
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 and specific supplemental plans in a single plan.
In Indiana, Medicare Advantage plans are widely available regardless of what area you live in. 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 Medicare Advantage options include plans from the following private insurance companies such as:
- Aetna
- Allwell
- Anthem Blue Cross and Blue Shield
- Anthem HealthKeepers
- CareSource
- Indiana University Health Plans
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Medicare Supplement Plans
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.
Indiana Medicare Advantage options include plans from the following private insurance companies such as:
- AARP – UnitedHealthcare
- Aetna
- Anthem Blue Cross and Blue Shield – Indiana
- Cigna
- Colonial Penn
- Garden State
- Great Southern
- Lumico
- Medico
- Oxford
- State Farm
- USAA
Indiana Medicare Enrollment
Indiana residents are eligible for Medicare if they are U.S. citizens above 65 years old or are under 65 but are permanently disabled, have end-stage renal disease, or Amyotrophic Lateral Sclerosis. Use Medicare’s online eligibility tool if you are unsure if you qualify.
Requirements
- You are 65 or older, and you or your spouse worked and paid Medicare taxes for at least 40 quarters.
- You are under age 65 and collect benefits from Social Security or the Railroad Retirement Board for at least 24 consecutive months.
- You have ESRD or ALS.
Enrollment Period Dates
Initial Enrollment Period
This is a seven-month window that allows you to sign up for a plan
- Begins 3 months before the month you turn 65
- Ends 3 months after the month you turn 65
Medicare Open Enrollment Period
This is when you can sign up for a plan, switch a plan or leave a plan
- Begins Starts October 15th
- Ends December 7th
Special Enrollment Period
Special enrollment periods allow you to enroll outside the regular enrollment periods under specific circumstances.
General Enrollment Period
This is when you can sign up for Medicare Part A and/or Part B if you didn’t sign up when first eligible or if you’re not qualified for a Special Enrollment Period.
- Starts January 1st
- Ends March 31st
Medicare Advantage Open Enrollment Period
This is when you can switch or leave a Medicare Advantage Plan
- Starts January 1st
- Ends March 31st
Indiana Enrollment Tips & Advice
Healthcare is a subject that should not be taken lightly. To choose the best plan, it’s imperative that you research each option and read through all of the details to make an informed decision about your healthcare needs. The cost of Medicare is also a significant consideration. When selecting the right plan, there are many factors to analyze, including deductibles, copays, coinsurance rates, and more.
Other resources:
How Do I Enroll in a Medicare Plan?
If you have any questions about Indiana Medicare 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.
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