IAC Medicare Supplement Insurance
IAC Medicare Supplement began its operations in 1956 as Institutional Agencies Corporation established by Mr. Robert Stroud. Mr. Stroud’s intention was to offer products and services to individuals and groups in the Pacific Islands. You can get a free Medicare Supplement quote for IAC further down in this article, or call us 920-545-4884 to get pricing on all the Wisconsin Medicare Supplement Plans in your area.
Mr. Stroud had spent considerable time in the Pacific Islands during the course of the war and decided the insurance needs of the islanders had been underserved.In 1973 the name was updated and IAC was set up as a Missouri domiciled insurance carrier. Currently, the company is headquartered in Edmond, Oklahoma and does business in 43 states and continues to operate throughout the Pacific Islands.
IAC is directed by President and CEO Jim Harlin. With almost 8 billion of insurance in force, IAC maintains a “B+” rating with A.M. Best Company with a stable outlook. IAC has evolved through the years by remaining focused on the matters that its clients consider the most important
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IAC Medicare Supplement
IAC's management continually strives to expand and enhance their products and services, providing clients the resources needed to meet the ever changing needs of the communities they serve. From company administration to group programs and individual life, health and accident insurance, IAC remains “Focused on what matters most.”
The company currently offers Medicare Supplement Insurance (Medigap), Group Term Life, and also acts as a Third Party Administrator for employer sponsored Life and Health Insurance programs.
Medicare Supplemental Insurance (Medigap)
Even though Original Medicare may cover a large portion of your health care expenditures, it does not cover all of your costs. These out-of-pocket expenses are referred to as a gap in coverage. A Medicare Supplement Insurance policy also known as Medigap is private health insurance that works to supplement Original Medicare coverage. This means it helps deal with the coverage gaps that Medicare doesn’t cover.
If you have Original Medicare and purchase a Medigap policy, original Medicare will pay its portion of covered health care expenses and then the Medigap policy pays its share.
All Medicare Supplement Insurance policies must conform to federal and state laws that are established to protect the consumer, and all policies must be plainly marked as “MEDICARE SUPPLEMENT INSURANCE”. Medigap insurance companies may only offer policies that are considered “standardized” Each different type of Medigap policy must be identified by letters A through N.
Wisconsin Medicare Supplement Insurance
For residents of Wisconsin, you have the right to purchase a guaranteed issue Medicare Supplement policy as long as you are 65 and enrolled in Medicare Part B, and are in your open enrollment period. There are exceptions for guarantee issue other times and for residents who are under age 65 and disabled.
Your Medicare Supplement Insurance (Medigap) must include:
- Co-payment for 61st to 90th day of hospitalization ($283 a day)
- Co-payment for 91st to 150th day of hospitalization ($566 a day) - full coverage after Medicare days are exhausted
- Co-payment for 21st to 100th day of skilled nursing care in a skilled nursing facility ($144.50 a day)
- 175 days per lifetime of inpatient psychiatric care in addition to Medicare’s 190 days per lifetime
- First 3 pints of blood
- 40 home health care visits in addition to Medicare
- 20% of Medicare’s Part B services with no lifetime maximum or, in case of hospital outpatient department services under a prospective payment system, applicable co-payments
- Coverage for full usual and customary cost of non-Medicare covered chiropractic care, non-Medicare hospital and ambulatory surgery center charges and anesthetics for dental care and non-Medicare breast reconstruction
- Coverage for 30 days non-Medicare skilled nursing facility care - no prior hospitalization required but must meet medical necessity requirements
Optional Benefits |WI Medicare Supplement Riders
Insurance companies may offer the following optional benefits as a separate benefit for an additional premium.
- Part A deductible ($1,156) (50% or 75%)
- Additional home health care (up to 365 visits per year)
- Part B deductible ($140) (50% or 75%)
- Part B excess charges up to the actual charge or the limiting charge, whichever is less
- Foreign Travel Emergency: May have a deductible of up to $250. Must pay at least
80% of billed charges for Medicare-eligible expenses for medically necessary
emergency care received outside the U.S. Emergency care must begin during the first
60 days of a trip outside the U.S. Benefit limit must be at least $50,000 per lifetime.
Medicare Supplement Quote
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