How Much Does Indiana Healthcare Cost?

How much does Indiana health insurance cost? Actually, you may be surprised at how affordable many plans are. Not all policies are cheap, but the top companies, such as Anthem Blue Cross, UnitedHealthone, MDWise, and Humana allow you to purchase coverage that is very reasonably priced. We’ll help you understand which options cost the least and what is the easiest way to apply for coverage.

You can find several very low cost policies if you are willing to give up two things – time and benefits. Let’s explain that concept. By sacrificing “time,” you would be selecting a plan that works best when you keep it for less than six months. It’s a great fit if you are out of work, waiting for new benefits to begin or are expecting another health insurance policy to become effective through an Open Enrollment. And these plans are always very flexible regarding molding benefits to match the premium you want to pay.

NOTE: Open Enrollment allows you to choose subsidized coverage (federal subsidy reduces premium if you qualify) during designated times. For 2015 coverage, the predetermined dates were November 15 2014 through February 15 2015.

Features Of Temporary Plans

The  “benefits” you are giving up include the typical claims that you ordinarily would not have to pay, such as a routine annual physical, visit to a physician for sickness, or a prescription. These items may be paid once your deductible has been satisfied, but generally you’re not going to meet that deductible. Also, pre-existing conditions are usually not included. If you have serious medical issues, a temporary policy is not a good solution.

Health Insurance Rates For Individuals Indiana

Preventive Benefits Are Typically Covered At 100%

The cost of these short-term plans depends on how many persons are insured. A young family in their 30s (with one child) can purchase a policy between $90 and $130 per month, depending on the deductible. If only one person is insured, the rate could be as low as $40 to $50 per month. These types of policies are the cheapest type of medical plan in Indiana.

It is important to realize that a  contract often has a  6-12 month time limit. And although you can typically renew the policy one time, if  sudden serious medical condition appears, you may not be able to renew, and could potentially be faced with large medical bills until the next Open Enrollment period.

Also, any non-Exchange plan is not eligible for a federal subsidy. So regardless of your household income, the premium will not be helped by the government. Often the amount can be significant. For example, a family of four persons (Ages 50, 45, 20, and 15) living in Vanderburgh County can receive more than $8,000 per year with an income of $80,000.  A $60,000 household income can bump that amount to more than $10,000.

Cheaper Bronze-Tier Marketplace Plans

However, let’s assume you want a little more coverage, but still don’t want to spend a fortune. Economical Indiana medical insurance plans will offer upgraded “basic” benefits along with the standard doctor visit and RX coverage. These policies are sometimes referred to as “Value,” “Economy” or “Basic,” plans. And of course, after 2014, many of the policies transformed to “Bronze-Tier” contracts.

Prices are discounted and typically, unlimited physician visits are allowed. A popular feature is that you don’t have to pay for routine annual physicals (including your children’s well visits), baby well-checkups or many other preventive visits. However, it’s critical to properly compare the details (or let us do the work for you!) so you can differentiate between policies that place (or don’t place) a deductible on these primary care physician visits.

Listed below are several Bronze options that do NOT require you to meet a deductible for non-preventive PCP visits. The copay is in parenthesis.

MDWise Marketplace ($0)

Anthem Pathway X  4300 20 ($35 First Two Visits)

Anthem Pathway X 5750 20 ($40 First Two Visits)

Anthem Pathway X 5000 40 ($50 First Two Visits)

Anthem Pathway X 6250 30 ($50 First Two Visits)

UnitedHealthcare Choice 5500 ($35)

Assurant 002 ($35)

Marquee Select 4750 ($50)

Beginning in 2014, as a result of “The Affordable Care Act,” (Obamacare), rates increased, but many Hoosiers now pay less. Maybe I better explain that! Essentially, medical underwriting ended in 2014, meaning that applicants could no longer be denied coverage because of past or present health conditions.

Of course, that means that a large number of extremely unhealthy people began applying for coverage. Heart attack two weeks ago? No problem. Cancer last year? That’s OK too. But ultimately, the system may not be able to afford these changes after a few years. We’ll have to wait and see. For 2015, premiums for most companies did not significantly increase. 2016 may be a bigger challenge as more persons sign up for Marketplace offers.

Open Enrollment

Obamacare in Indiana

Open Enrollment in Indiana for 2015 began on November 15th and continues through February 15th (2015) and you can apply directly for coverage through our website. You may also receive some tax relief in the form of a federal subsidy (previously discussed). Your eligibility and amount is determined by your household income. Naturally, the lower your Adjusted Gross Income (AGI), the more your subsidy will be, which was also previously discussed.

Naturally, insurers will not be able to offer policies in 2016 or 2017 at the same rate they charge today. This is despite the fact that more healthy people may be insured since you will have to pay a tax if you don’t purchase health insurance. Increases could be as little as 5% or as much as 35%, depending on the area. The big unknown factor continues to be who will purchase coverage and what type of conditions they will have. nd of course, how many healthy young persons enroll as first-time customers.

Healthy Indiana

Another unknown is the future of the Healthy Indiana program for low-income Hoosier households. Since it is state-sponsored, premiums are low, and  if you’re between the ages of 1 and 64 and qualify, you can receive benefits that include hospitalization, mental illness coverage, doctors visits, prescriptions, along with lab-testing and X-Rays.

This “consumer-driven” concept  is the Medicaid substitute that is designed allow residents of the state to take increased responsibility for their healthcare decisions, and add incentives that are designed to lower costs for everyone. A waiver is needed for the Governor’s unique Medicaid Expansion idea.

The Secretary of Health and Human Resources is still studying the proposal bust has not approved it…yet. The concept of taking additional personal responsibility and making contributions (tax-deferred) to a savings account are concepts that don’t appear to be widely accepted.

So, as you can see, the cost of health insurance in Indiana varies, depending on your age, the type of policy you want to buy and a few other factors. As previously mentioned, you can get free quotes at any time from us. Families can also be covered under one policy and adds a “Personal Wellness And Responsibility (POWER) account, which is similar to an HSA. Households with incomes up to 138% of the Federal Poverty Level should be eligible.

UPDATES:

January 16 2015 – Open Enrollment for 2015 coverage is now 2/3 complete. For the next month, applicants can secure a March 1 effective date without any medical underwriting of the policy. After that date, unless you qualify for an approved exemption, only short-term, limited benefit, and other alternative options will be available.

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One Response

  1. Nick Haswell says:

    I guess it is not as expensive as I thought which is great news. I just applied so I’ll wait to hear from you.

    Nick

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