Often, when people think of retirement, they think of where they’ll live and what they’ll do. But you need to consider care as well — health care specifically. After all, taking care of your health helps you enjoy your retirement that much more. Medicare is one option to help keep your enjoyment high and worries low at 65 and beyond.
The Best Medicare in Indiana:
- Best Medicare Overall in Indiana: Humana
- Most Affordable Medicare in Indiana: Aetna
- Best for Home State Advantage: Indiana University Health Plans
- Best for Extras: Anthem
- Best for AARP Members: UnitedHealthcare
What is Medicare?
Medicare is a national health insurance program funded by the federal government. Created to give people 65 and older health insurance, it also provides health insurance to people with permanent disabilities, amyotrophic lateral sclerosis (ALS or Lou Gehrig’s disease) and end-stage renal disease.
Medicare is offered in 4 parts. You choose 1 or a combination of the 4 following parts.
Part A: Otherwise known as hospital insurance, Part A helps you with hospital costs. This includes things like in-patient care, overnight stays, skilled nursing facility care, home health care and hospice-related expenses.
Part B: Also known as medical insurance, Part B covers your outpatient medical costs. Outpatient costs include nurse or doctor visits and services like X-rays and dialysis, tests and some medical-related equipment.
Part C: Commonly called Medicare Advantage, Part C is a combination of Medicare Parts A and B, and typically Part D (prescription drugs). Medicare Advantage is provided through private health companies. As mentioned, this usually, but not always, includes prescription drug coverage.
Part D: This covers your prescription medication. You get lower rates on prescriptions just like with private health plans. Whichever option you choose to cover your hospital and medical insurance, be sure to review Medicare Part D plans.
Aside from housing, transportation and food, health care is one of the largest expenses in retirement. And while housing, transportation and food costs typically decrease in retirement, health care costs actually increase. So, you’ll want to thoroughly look into your health plan options. The government funds Medicare, but you still pay for premiums and out-of-pocket costs. A good way to ease the burden is with Medicare supplemental insurance, which helps you with coverage where traditional Medicare may fall short.
Legalities of Medicare in Indiana
The U.S. government funds and regulates Medicare. Indiana, through the State Health Insurance Assistance Program (SHIP), provides free counseling for people with Medicare. The Administration on Community Living and the Indiana Department of Insurance runs SHIP. It isn’t affiliated with any insurance company and doesn’t sell insurance. SHIP simply offers you objective assistance with your Medicare enrollment. To contact a counselor call 800-452-4800 or visit SHIP online for services, information and to find SHIP activities and presentations.
Types of Medicare Advantage Plans
Medicare Advantage plans, like regular health insurance plans, come in different types. Where you live affects what’s available to you. But overall, Medicare Advantage comes in the following types of plans:
HMO: A health maintenance organization (HMO) provides health care coverage from a network of doctors, specialists and hospitals. Except in an emergency, you’ll need to stick to the network. A primary care physician (PCP) coordinates your care. You’ll need a referral from your PCP to see a specialist. If you choose to get care outside of the HMO network, you’ll pay more, if not full price.
HMO-POS: This is an HMO Point of Service (POS) plan. This type of plan allows you to get services in network and out of network. Still, if you choose to go outside of the network you’ll pay a higher copay. Plus, with this plan, you’ll need to reach 2 deductibles, an HMO and a POS deductible, before the cost is fully covered.
PPO: Preferred provider organization (PPO) plans also operate off a network of PCPs, specialists and hospitals. You can choose care from outside the network, but you’ll pay less if you stay in the network.
PFFS: With private fee-for-service plans, as long as the provider accepts the payment terms, you can go to any Medicare-approved provider. Some PFFS plans operate through a network. As with HMOs and PPOs, you can go out of network, but you’ll pay more. Importantly, before getting treatment from an out-of-network provider, check to make sure they accept the payment terms of your PFFS.
SNP: Special needs plans provide care to people with certain diseases, care needs or limited incomes. SNPs construct their plans based on the needs of the people they serve.
MSA: Medical savings account plans combine a high-deductible plan with a medical savings account. You use your medical savings account to pay for health care costs until you meet your deductible. MSAs often don’t cover prescriptions so you’ll need to enroll in a Medicare Part D plan.
How to Sign Up for Medicare in Indiana
When you turn 65, you’re eligible for Medicare. Even if you don’t plan to retire and receive benefits at age 65, you need to sign up 3 months before your 65th birthday. To avoid premiums, you can opt not to enroll in Medicare Part B, but you still need to enroll in Medicare Part A.
Sign up for Medicare on the Social Security Administration website. Both SSA and Medicare provide helpful information and handy guides. These are the basic steps to enroll for Medicare.
- Visit ssa.gov.
- Choose your “part” — Parts A and B, or Part C.
- Get the most out of Medicare with their checklist.
Average Cost of Medicare Advantage Plans in Indiana
To find Medicare plans in your area, use Medicare.gov’s plan finder. Just enter your ZIP code and answer a few questions. You can compare up to 3 plans at a time. Results after entering the ZIP code for Meridian Hills (46240) are shown in our table below.
| Plan Name | Company | Annual Premium(approx.) | Health Deductible | Drug Deductible | Star Rating (Out of 5 Stars) |
|---|---|---|---|---|---|
| Aetna Medicare Value (PPO) | Aetna Medicare | $1,735 | $0 | $0 | 4.5 |
| AARP Medicare Advantage (PPO) | UnitedHealthcare | $1,735 | $0 | $185 | 4 |
| Humana Gold Plus H5619-124 (HMO) | Humana | $1,951 | $0 | $0 | 4 |
| Anthem MediBlue Access Plus (PPO) | Blue Cross and Blue Shield | $2,371 | $500 | $60 | 3.5 |
| IU Health Plans Medicare Choice (HMO-POS) | Indiana University Plans - Medicare | $2,911 | $0 | $200 | 4 |
The annual premium includes the Part B premium of $144.60 per month. The table doesn’t include doctor or specialist visit copays or maximum out-of-pocket amounts.
Best Medicare Insurance Providers in Indiana
Before you decide on a Medicare Advantage plan, consider your needs and your budget. Then check out plans available to you. The following are some of the best Medicare Advantage providers in Indiana.
- Medicare Advantage Plans
1. Best Overall in Indiana: Humana
Consistently one of the top-ranked providers in J.D. Power Medicare Advantage studies, Humana offers HMO, PPO, PFFS and SNP plans in Indiana. Humana subscribers enjoy great benefits in an all-in-one plan. Most plans include things like prescription drug coverage, and routine dental, vision and hearing care.
Plus, you can access savings and convenience with Humana’s mail-delivery pharmacy service. Many of Humana’s plans also include membership in the SilverSneakers fitness program to help you stay in shape and keep active. Humana Medicare Advantage PPO plans in Indiana earn a 3.0 from the National Center for Quality Assurance (NCQA).
- Member support
2. Most Affordable in Indiana: Aetna
Aetna focuses on your total health. Many of its plans include dental, vision and hearing benefits. Aetna offers various types of plans including HMO, HMO-POS and PPO. Its plans include convenience features like a concierge to help you find local resources, SilverSneakers fitness membership, 24/7 ask a nurse and prescription home delivery.
Additionally, Aetna takes care to the next level offering things like over-the-counter benefits, and meal delivery after a hospital stay. Aetna Medicare Advantage PPO plans earn a 4.0 from the NCQA.
3. Best for Home State Advantage: Indiana University Health Plans
Indiana University (IU) Health Plans bring together top-rated care and local plans to bring you a simple, affordable solution to your healthcare needs. Its Medicare Advantage plans offer you considerable key benefits like dental, vision and hearing coverage. As an IU Health Plan member, you get access to the Silver&Fit Healthy Aging and exercise program.
Plus many plans now include 14 healthy meals delivered after a hospital stay, rewards for completing certain preventive health screenings, worldwide emergency care, and an over-the-counter allowance.IU Health Plans Medicare Advantage HMO/POS plans earn a 3.0 from the NCQA.
- Submiting and tracking claims
4. Best for Extras: Anthem
Anthem Blue Cross and Blue Shield offerings include HMO and PPO plans. Benefits often include routine vision, dental and hearing and SilverSneakers membership. Anthem also offers you extras.
The “extras” include things like a personal home helper, alternative medicine, day center visits, healthy nutrition counseling, service dog support and pest control. You can choose to make your coverage more robust by adding full dental, vision and hearing benefits.
- Same day coverage available
5. Best for AARP Members: UnitedHealthcare
It’s said membership has its privileges, and that’s definitely the case with UnitedHealthcare Medicare Advantage plans. Only AARP members can access these plans. UnitedHealthcare provides AARP members with personal assistance when choosing and using a plan.
Many plans include a 24-hour nurse line in addition to vision and dental exams, and low or no copays for prescriptions and doctor visits. AARP and UHC team up with RenewActive (mind and body fitness programs) to encourage wellness. NCQA rates Medicare Advantage PPO plans from UnitedHealthcare a 3.5.
Health First for Golden Years that Glow
Reaching retirement is no small feat. You’ve worked hard. Now it’s time to reap the benefits of a lifetime of earning. But before you make your tee time, cast your rod or hit the pickleball courts, get your health plan in order. A little work now, assessing your needs and budget and researching the options, means more fun later.
The best Medicare plan is the one that fits your needs and your budget. Benzinga can help guide you toward the possibilities, but it’s up to you to take the first step.
Frequently Asked Questions
1) Q: What are the different parts of Medicare?
Medicare has 4 parts named Parts A, B, C, and D. Part A provides hospitalization coverage while Part B provides outpatient coverage, like doctor visits. Parts A and B make up Medicare’s core coverages. Part C is provides private-market Medicare plans, called Medicare Advantage Plans. Part C coverage often includes additional benefits. Medicare Part D provides coverage for prescription drugs. Get a Medicare Insurance Quote through the top providers here.
2) Q: Is Medicare free?
Because there are 4 parts to Medicare, there can be different cost structures. Most people won’t have to pay for Medicare Part A (hospitalization). Eligibility for premium-free Part A is based on your work history during which you paid Medicare taxes. Many people do pay a monthly premium for Medicare Part B, however, which covers outpatient medical services, like doctor visits. Deductibles also apply to services covered under Medicare Parts A and B, so you’ll pay a part of the annual cost.
Medicare Parts C and D are optional coverages and have premium costs of their own. Medicare Part C refers to Medicare Advantage Plans that offer additional coverage in exchange for a monthly premium. Part D, the prescription plan, reduces the cost of medications but also requires a monthly premium. Subsidies may be available for low income households to help reduce overall Medicare costs.
3) Q: Do I need to sign up for Medicare?
If you signed up for Social Security before age 65, you were enrolled in Medicare automatically but benefits will begin at age 65. In most cases, there are penalties for not enrolling at age 65, so it pays to sign up on time. Click here to get a medicare quote in minutes from the best providers.
If you have employer coverage, you may be able to delay Medicare coverage while your work plan is still in force. However, the size of the employer determines whether you’ll pay a penalty for not enrolling at age 65. Employees (and their spouses) of companies that offer group health insurance to 20 or more people are usually exempt from late sign-up penalties if they are covered by the employer’s plan.