If you’re looking for comprehensive health insurance coverage in the Hoosier State – Indiana – we have good news for you! Like other states, Indiana is part of the Affordable Care Act’s Health Insurance Marketplace. Through it, you can compare health insurance plans and choose the one that’s right for you and your family.
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How to Buy Health Insurance in Indiana
If you don’t receive health insurance from the federal government or an employer, you can purchase a plan on the Health Insurance Marketplace, which is broken down into three main metal tiers: Bronze, Silver, and Gold. The prices vary, but all essential services are covered regardless of the plan chosen. The monthly premiums become more expensive as you go to higher tiers, but more services are covered. Note that various programs such as traditional Medicaid, the Healthy Indiana Plan, Hoosier RX, and more may also be available depending on your situation.
How to Apply for Health Insurance in Indiana
Applying for Health Insurance is easy. Simply visit the Health Insurance Marketplace and enter your relevant data. You’ll be able to choose the plan which suits you. If you have a specific family situation that might make you eligible for other programs, visit Indiana’s official Medicaid page for info on the different benefits you may be entitled to.
Health Insurance Carriers In Indiana
Indiana has health insurance carriers such as Anthem, CareSource, and Celtic (MHS/Ambetter).
Indiana Health Insurance Costs Overview
As 2023 data is not yet available, we have used statistics from 2022 to reflect costs so you can have an idea of what to expect. Current data shows that 2023 premiums will rise by 4 percent for a 27-year-old for a silver benchmark marketplace plan sold through HealthCare.gov.
There are three main metal tiers: Bronze, Silver, and Gold. The higher the tier, the higher the premium. However, the out-of-pocket costs of the higher-tier plans are more than made up for by the enhanced coverage, so whichever plan you choose depends on your needs. If you have chronic health problems, you might want to opt for a higher-tier plan, but a lower-tier plan might make more sense if you’re younger and in better health.
*Note- these expenses apply to an average 40-year-old with no known major health issues.
How Much Does Health Insurance Cost in Indiana?
In 2022, the average benchmark monthly health insurance premium for a 40-year-old was $398. (source)
What is the Cheapest Health Insurance Plan in Indiana?
Depending on your health, the cheapest health insurance plan will be the one that covers what you need the most. Contact us to find the best plan for you!
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Cheapest Indiana Health Insurance Coverage by Metal Tier
As 2023 data is not yet available, we have used statistics from 2022 to reflect costs so you can have an idea of what to expect. Current data shows that 2023 premiums will rise by 4 percent for a 27-year-old for a silver benchmark marketplace plan sold through HealthCare.gov.
Note that all costs are 2022 pricing from KFF. (source)
Gold Plans
The average lowest cost premium of a Gold Plan in Indiana in 2022 was $527.
Silver Plans
The average lowest cost premium of a Silver Plan in Indiana in 2022 was $394.
Bronze Plans
For a Bronze plan, the average lowest premium in 2022 was $316.
Other Types of Indiana Health Insurance Coverage
Catastrophic Health Insurance in Indiana
Indiana catastrophic medical coverage is the cheapest health plan available in Indiana, but it comes with a caveat. The plan is only available to qualifying applicants under 30, and most companies in Indiana only offer it as private insurance. The plans cover the same essential services as an ACA-affiliated plan, in addition to unexpected sickness and disability benefits.
Short Term Health Insurance in Indiana
Before July 2019, short-term health insurance plans only covered up to six months in benefits, but the legislation was passed to expand initial terms to 364 days, and with renewals, the plans can cover a maximum of 36 months. You also need to fulfill specific criteria, meaning you’re under 65 years old and in good health. This type of coverage may be right for you if you miss ACA open enrolment periods and happen to be temporary without coverage.
Low Income Health Insurance in Indiana
Indiana has a wide variety of health insurance programs available to low-income families throughout the state. The programs include traditional Medicaid, the Healthy Indiana Plan, Hoosier RX, and more may also be available.
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Sources:
Marketplace Average Benchmark Premiums, KFF, accessed 08/16/2022, https://www.kff.org/health-reform/state-indicator/marketplace-average-benchmark-premiums/?currentTimeframe=0&sortModel=%7B%22colId%22:%22Location%22,%22sort%22:%22asc%22%7D
Average Marketplace Premiums by Metal Tier, 2018-2022, KFF, accessed 08/16/2022, https://www.kff.org/health-reform/state-indicator/average-marketplace-premiums-by-metal-tier/?currentTimeframe=0&sortModel=%7B%22colId%22:%22Average%20Lowest-Cost%20Bronze%20Premium__2022%22,%22sort%22:%22desc%22%7D