Health Insurance In Indiana

Best Ways To Get Affordable Health Insurance In Indiana

The importance of health insurance cannot be overemphasised. Residents in Indiana have multiple options when it comes to health insurance. They can either obtain it from their employer, sign up for Medicaid or Medicare if they qualify, purchase it from an individual insurer or from the Affordable Care Act(ACA) health insurance marketplace.

Health insurance secures your health and your finances from great financial losses. health insurance providers in Indiana consider a number of factors when determining how much you pay for health insurance. These factors include:

  1. Age
  2. Geographical location
  3. Body mass index
  4. Tobacco use/smoking
  5. Type of plan you choose
  6. Occupation
  7. Income level
  8. Past medical history etc.

These factors can either lower or significantly raise your premiums. Some of these factors can be managed, however, so as to get the best rates possible. Some of them are:

Tobacco Use/Smoking Habit:

Smoking is injurious to health and smokers are liable to die young. Health insurance providers in Indiana charge smokers higher because they are at a greater risk of having severe health complications.

Smokers are more likely to contract diseases like cardiovascular diseases(heart and lungs), chronic obstructive pulmonary disorder(COPD), stroke, and diabetes. It also raises the chances of having tuberculosis, certain eye diseases and so many other terrible diseases.

Smoking is damaging to an individual’s health, doing more harm than good. As a smoker in Indiana, if you are looking for ways to cut costs on health insurance, you should consider quitting smoking.

It would not only save you more on premiums but also secure your health. Your health is prime.

Body Mass Index (BMI):

Body mass index is a measure of an individual’s body weight to height and it is used usually, to calculate a person’s body fat. If you have a high body mass index, you are more likely to pay more on health insurance premiums in Indiana.

The reason is that individuals with high body mass index are more likely to have health issues like type 2 diabetes, osteoarthritis, heart disease, high blood pressure(hypertension), breast cancer, depression and other related mental diseases. And so, health insurance providers in Indiana charge them more to secure their health in the event of any health challenge.

Maintaining a healthy body mass index not only saves you more on health insurance but promotes your health as well. 

Finding The Best Health Insurance Coverage For You In Indiana

In Indiana, a metal tier system is used to categorise coverage plans. The tiers include Gold, Silver and Bronze tiers. The tiers higher up have higher premiums and low deductibles and out of pocket maximums while the tiers lower down have lesser premiums and higher deductibles and out of pocket maximums.

The best health insurance in Indiana for you will also depend on the particular county you live in. A particular policy may have different rates depending on your location. Your income also plays a role in determining the best health insurance for you. If your household income is up to 138% of the federal poverty level, you can qualify for Medicaid coverage under the Affordable Care Act.

Metal Tiers Used For Indiana Health Insurance Plans

These plans include:

  • Gold plans
  • Silver plans
  • Bronze plans

Gold plans being the highest tier is followed by Silver, then  Expanded Bronze and Bronze. Gold plans premiums are more expensive than Silver plan premiums but these policies offer significantly lower out-of-pocket costs, such as copays, deductibles and coinsurance.

If you expect high recurring medical costs, like expensive prescriptions, or you need constant medical care, a Gold plan may be the best cost-effective option for you.

On the other hand, if you are young and healthy and do not expect high medical costs in the near future, a lower plan would be ideal for you while ensuring you have coverage in the event of any medical emergencies.

Gold plans:

Gold plans are best for individuals who expect to use their insurance often. Gold plans offer the best balance of costs since they offer lower deductibles and coinsurance. 

These health plans are the ultimate if you expect high medical expenses such as chronic conditions that require constant medical care and attention.  

Ambetter Secure Care 5 provides the most affordable gold plans in Indiana. 

Silver plans:

Premiums of silver plans are in between that of the gold plans and the bronze plans. They are a good balance between the higher monthly premiums in Gold plans and the higher out-of-pocket costs in Bronze plans. Silver plans are ideal for individuals with low income or average medical costs. If the income level of your household falls between 139% and 250% of the federal poverty level, you could qualify for cost-sharing reduction (CSR) subsidies, which lowers your out-of-pocket costs even more. 

Typically, Silver plans cover about 70% of your health care costs, while you pay the remaining 30%. However, with cost-sharing reduction(CSR) subsidies, you could qualify for a Silver plan that offers coverage of up to 94% of your health care expenses.

CareSource Marketplace Low Premium Silver is the most affordable Silver plan in Indiana.

Bronze plans:

Bronze plans offer the lowest monthly premiums among the other tiers. However, they have lower and limited coverage and also have higher out-of-pocket expenses like copays, coinsurance and deductibles.

Bronze plans usually cover up to 60% of your medical costs and expenses while you pay 40%. The consequence of purchasing a bronze plan is that you would have to pay higher out of pocket maximums before your insurance kicks in.

These policies are best for young and extremely healthy persons who are sure they wouldn’t be needing medical care anytime soon. But we recommend that you purchase higher plans in case of medical emergencies.

Expanded Bronze plans were introduced four years ago. This plan tier increases the coverage on a typical Bronze plan. While the bronze plan covers 60% of healthcare costs, the expanded bronze plan covers up to 65% leaving you with 35% left to pay.

Ambetter Essential Care 1 is the most affordable bronze plan in Indiana. 

Health Insurance Rate Changes In Indiana

Premiums for Health insurance policies are set by insurers on the marketplace and then sent to the Indiana exchange to be approved. There was an average decrease of 4% in the cost of health insurance in Indiana across all plans between the years 2021 and 2022. Gold plans decreased by 5%; which was the most increase of any metal tier , the cost of Expanded bronze plans decreased the least, by only 2%.

Metal tier202020212022Change 2022 vs. 2021
Bronze$346$391$377-4%
Bronze Expanded$332$372$365-2%
Silver$408$450$433-4%
Gold$544$604$573-5%

Rates are based on a 40-year-old adult.

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