Health Insurance in Indiana
If you live in Indiana, you need to have health insurance. Under the Affordable Care Act (known as Obamacare), you can get your insurance plan either directly from the insurance provider or from the state health insurance marketplace. The deadline for getting the insurance through the state marketplace is on January 31, 2017. If you have not yet obtained insurance, you may be required to pay a tax penalty. What are your options if you’re still uninsured? We can help with your decision.
Give us a call at 1-888-418-8795 and discuss your situation with a licensed Indiana insurance agent.
About the Indiana Health Insurance Marketplace
Indiana residents can get insurance coverage through the federally run marketplace available at Healthcare.gov. As a resident, you are allowed to get your own health insurance coverage from a private insurance company. However, in doing so, you will not be entitled to government subsidies that can reduce your monthly premiums.
Also, another benefit of buying health coverage through the Exchange is that you can be sure that the health plan you get complies with the minimum coverage mandated by Obamacare. Finally, the marketplace offers a very convenient way for you to compare available health plans and costs using the tools available on the website.
Politics and Indiana Insurance
One of President Trump’s campaign promises was the quick repeal of Obamacare. His running mate and now Vice-President is the former Governor of Indiana, a state where people loudly voiced their disapproval of the Affordable Care Act.
Ironically, it was also Governor Pence who launched Healthy Indiana Plan 2.0, which is also part of Obamacare in Indiana. The effect of this plan resulted in the increase of enrollees from less than 194,000 in 2015 to almost 360,000 in 2016.
In fact, almost 169,000 Hoosiers have health insurance coverage through the Obamacare marketplace. Another 224,000 residents also have insurance because the state implemented the Medicaid expansion under Obamacare. A total of almost 1.5 million people in Indiana are covered by the Children’s Health Insurance Program or by Medicaid.
It should also be noted that the Affordable Care Act allows people to get health insurance even if they have pre-existing medical conditions. Insurance providers are not allowed to charge them higher insurance rates. This fact is important for the state since almost 2.8 million residents in Indiana have pre-existing medical conditions.
Changes in Indiana Obamacare
Indiana is one of the 38 states that is served by the federal health insurance marketplace at Healthcare.gov. In 2017, the average benchmark premium rates for these states rose by 22%. But, Indiana is one of just 2 states that saw the benchmark premium rate fall in 2017.
Today, a 27-year old will pay the average benchmark rate of $296 a month among all the 38 states. However, the average for this individual in Indiana will just be $229 a month.
This is the amount before subsidies are taken into consideration. In 2015, 87% of the enrollees in the Indiana marketplace were eligible for subsidies.
Nonetheless, insurance regulators in the state have approved of the increase of insurers’ rates by an average of 18.5%. Here are the 4 insurance carriers and the approved rate increase:
- Anthem BCBS. 29%
- CareSource Indiana. 16.1%
- MDWise. 11.5%
- Celtic. -5.3%
Four insurers have left the Indiana marketplace, and the people who have subscribed to these providers must now look elsewhere for their insurance. These are:
- All Savers (UnitedHealthcare)
- Southeastern Indiana Health Organization
- Physicians Health Plan
- Indiana University Health Plans
Do You Need Health Insurance in Indiana?
There are many good reasons why you need to have health insurance. Under Obamacare, you may be required to pay a heavy fine if you are not insured. This amount is either 2.5% of your total household income minus the minimum tax filing threshold, or $695 for every uninsured adult and $347.50 for every uninsured child (without exceeding a total $2,085 for the whole family). The penalty that costs more will be the one in effect.
However, even without this penalty you should realize by now just how financially dangerous it is not to have health care coverage. Without insurance, you are liable to pay the entirety of the medical bills if you have a major medical condition or a serious injury. The costs of the treatment will likely be a financial disaster for anyone of low to middle income status.
What’s more, insurance under Obamacare mandates that a suitable insurance must cover at least 3 visits to the primary health care giver, and various preventive medical services are free. These include being screened for various diseases, treatments for substance abuse and mental health issues, vaccinations for children, and supplementary support for pregnant women. These preventive services can save your life.
What Are Your Options?
You are offered several types of plans in the Indiana marketplace. These “metallic” plans are Bronze, Silver, Gold, and Platinum.
Bronze plans cost the least in premiums but they cover approximately 60% of the total cost of your health care. These are best for those who are generally in good health and do not foresee any likelihood of major medical illnesses.
The Platinum plans are the most expensive but their share of the costs is 90%. These may be more suitable for those with pre-existing conditions that increase the chances of major medical treatments in the future.
There is also another option which is the catastrophic plan which can be availed by anyone under 30. It costs the least in terms of premiums, but the insurance provider covers less than 60% of the total charges. It also comes with a high deductible, so for the most part, you will be paying thousands of dollars out of pocket before your insurance kicks in.
Do you want to purchase health insurance in Indiana? Give us a call and we can help you find a suitable and affordable insurance plan.