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 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. 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.
TheĀ “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.
The cost of these short-term plans would depend 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.
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. Prices are discounted and usually two or three 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.
And the rates are low. For example, a 35 year-old male in Marion County can buy a plan for approximately $110-$130 per month, depending on specific policy deductibles. That’s far less costly than paying $300 or more on many group plans through employers. Adding dependents will naturally increase the rate, but it should still be affordable, especially by tweaking some of the coverages. These plans are often very helpful if you are not certain how long you will need coverage, but still want to maintain comprehensive benefits. And they can be billed on a monthly basis.
Beginning in 2014, as a result of “The Affordable Care Act,” (Obamacare), rates will increase, but you might pay less. Maybe I better explain that! Essentially, medical underwriting will end in 2014, meaning that applicants will not be denied coverage because of past or present health conditions. Of course, that means that a large number of extremely unhealthy people will be 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.
Open Enrollment in Indiana will begin in October and you can apply directly for coverage through our website. You may also receive some tax relief in the form of a federal subsidy. 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 is discussed later.
Naturally, insurers will not be able to offer policies in 2014 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 is who will purchase coverage and what type of conditions they will have.
But here’s what I meant when I said, ‘you might pay less.” A tax credit will be applied that will reduce your premium. This credit will be based upon the income of your household. If your household income is above $95,000, there will not be a credit. However, for families, and especially individuals with lower incomes, you will see some relief. For example, a single 40-year old with an income of $40,000 will receive a $700 tax credit. A family of four (using that same age) with household income of $60,000 will receive a tax credit of more than $7,200! That’s a lot!
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.Tags: cheapest health insurance prices in Indiana, free healthcare Indiana, how much does health insurance cost in Indiana