Health Insurance Plans in Indiana

Various health insurance companies in Indiana offer plans on the state health insurance exchange. Availability varies by county, but everyone can find cheap health insurance in Indiana if they know what to look for. Many Indiana residents choose a Silver policy since it offers reasonable monthly premiums and low out-of-pocket costs. Ambetter Balanced Care 5 and CareSource Low Premium Silver are the two cheapest Silver policies in the state, although there are other options available. Get the details on the most affordable policies in the state and learn more about the metal tiers. This information will help you select the right insurance policy for your needs.

Cheap Health Insurance Plans in Indiana by Metal Tier

When you compare health insurance plans in Indiana, it’s good to start with the most economical plans for each metal tier. You might not want one of these plans, but it will still give you a good indication of what you can expect when shopping for health insurance. These quotes are based on the average monthly premiums for 40-year-olds in Indiana.

Bronze plans sit at the bottom of the metal tier in Indiana. People who want cheap health insurance in Indiana can purchase the CareSource Bronze plan. It has an average monthly premium of $259.55. The deductible is $7,250, and the out-of-pocket maximum is $7,350.

Indiana also has Expanded Bronze plans on the state marketplace. The CareSource Federal Simple Choice Bronze is the most affordable Expanded Bronze Plan with a monthly premium of $293.60, a deductible of $6,650, and an out-of-pocket maximum of $7,350.

Silver plans are popular in the state of Indiana, and the Ambetter Balanced Care 5 policy is the most affordable offering. The monthly premiums are $267.68, while the deductible and out-of-pocket maximum are $7,350.

People with lots of medical expenses often opt for Gold plans. Ambetter Secure Care 1 with 3 Free PCB Visits comes with a premium of $377.19 a month. The deductible is only $1,000, and the out-of-pocket maximum is $6,350.

Costs for these plans increase as you age. If you are 60 years old, you can expect to pay $415 more a month for a Silver plan and $535 more a month for a Gold plan. At the same time, younger residents pay considerably less for coverage. You can get a quote based on your age and location to find out exactly how much you’ll have to pay for coverage.

Choosing Health Insurance Plans in Indiana

Before purchasing one of the health insurance plans in Indiana, you need to consider your medical needs. Some people need coverage with low out-of-pocket maximums to cover their healthcare expenses, while people who are young and healthy are more concerned about the premiums they’ll pay.

Your income also plays a role in determining the coverage you get. Indiana has expanded its Medicaid coverage, and you are eligible if your income is up to 138 percent of the federal poverty level. If you don’t qualify for Medicaid, you can get a cost-sharing reduction on Silver level plans if your income is between 139 and 250 percent of the federal poverty level.

Gold Plans – Ideal for High Medical Costs

When shopping for health insurance plans in Indiana, you’ll notice that Gold plans have the highest premiums. That turns many people away, but these plans are ideal for people who have a lot of medical expenses. The low out-of-pocket costs make up for the high premiums and can actually help you save money during the year. People with chronic conditions should seriously consider these plans. Also, if you aren’t sure if you can pay the high out-of-pocket costs associated with some of the other plans, get quotes for Gold tier policies.

Silver Plans – Ideal for Average Medical Costs and/or Low Incomes

Silver plans offer a balance between the high premiums of Gold plans and the high out-of-pocket expenses that come with Bronze plans. You can expect a Silver plan to cover around 70 percent of your healthcare costs. These plans will cover even more if you qualify for a cost-sharing reduction. The reduction goes toward your out-of-pocket expenses. If you are eligible, your plan will cover most of your healthcare expenses.

Bronze Plans – Ideal for Healthy Young People

Young and healthy people usually don’t want to pay for Silver and Gold plans since they don’t use their insurance coverage very often. If you fit into that category, a Bronze plan might be the right choice. The premiums are lower, but you will pay higher out-of-pocket costs. You can expect these plans to cover around 60 percent of your healthcare expenses. If you go a step up to an Expanded Bronze plan, it will cover around 65 percent of your costs.

While these plans are a good option for young and healthy people, it’s important to understand that medical emergencies can happen to anyone. It’s recommended that people have the necessary money to cover expenses in case they arise.

Short-Term Health Insurance in Indiana

You can also purchase short-term health insurance in Indiana. The federal government has guidelines in place for these plans, but Indiana’s guidelines are even stricter. Insurers can only offer up to six months of coverage, and residents cannot renew their policies.

You cannot buy short-term health insurance in Indiana from the state exchange. That’s because these policies do not meet the Affordable Care Act’s guidelines. These policies usually don’t cover mental health services, maternity care, and more. Also, if you have a pre-existing condition, you might not qualify for coverage. These plans should only be used as a temporary solution.

Get Help Comparing Health Insurance Plans in Indiana

Do you feel overwhelmed when comparing health insurance plans in Indiana? There are lots of options available on the exchange, and choosing the right one requires time and research. You can make the process easier by calling 1-855-881-0430. You will be connected to a licensed insurance agent who will help you with the process. The agent will take your health and financial information and find a policy that meets your specific needs.