The Indiana Health Insurance Marketplace offers affordable medical rates and quality coverage. You can purchase and enroll for a policy through our website in 15 minutes. Because of the complexity of changes and the confusion of determining tax credit amounts, we will guide you through the process of buying a policy and help you understand which Exchange plans will be best for you or your family.
Seniors, and any applicant that has reached age 65 are probably eligible for Medicare. Although your options are different than persons under age 65, it is still critical to understand which Medigap options (if any) will reduce your out-of-pocket expenses, at a rate that makes the plan cost-effective.
You may also qualify for a subsidy that could potentially pay your entire premium. Open Enrollment begins in November and lasts for three months. During this time, you can choose and compare policies that will be effective for 2016. Whether you are buying coverage for the first time or replacing an existing policy, you'll be eligible for financial subsidies and won't be declined for medical reasons.
We highly recommend that you take the time to review plans before Open Enrollment, so there is ample time to determine your best options. With more than three decades of experience, we research the best plans offered by the most highly-rated carriers (more information is provided below). If you are Medicaid or Medicare-eligible, we will provide additional guidance.
You can obtain your medical coverage at "direct" prices through us. There are no fees, costs or unexplained charges that are added to the premium. There are no associations to join or memberships that have to be renewed. We simply spend 100% of our time and effort to bring you the lowest health insurance Marketplace rates in Indiana. Currently, about 14% of the population in the state does not have medical coverage. Many of these persons are able to purchase policies with the help of the Obamacare subsidy.
Many states have chosen to allow the federal government to run their operations instead of having a state-run program. The Indiana Exchange is operated by the Department of Health And Human Services (DHHS). We believe that was the correct decision since Hoosier residents annually save about $50 million in expenses. Although it may not have a "local" feel, the decision can be reversed in future years, which will be considered.
You'll find our free guidance and expertise will make the process much easier than attempting to go directly to the government website. Fortunately, we simplify the buying process and handle most of the paperwork for you. Of course, for your protection, we do not keep copies of any portion of the application. However, you can access that data. How fast can you enroll. Often, it takes less than 10 minutes.
What Are Some Of The Cheapest Plans?
Although prices can quickly change, several of the most affordable plan options are:
IU Health Plans Bronze Simple HSA
Anthem Catastrophic Pathway X 6850 0
CareSource Just4Me Bronze
MDwise Marketplace Bronze Basic/Plus
Ambetter Eseential Care 1
IU Health Plans Bronze Value
Ambetter Essential Care 5
MDwise Marketplace Silver Basic
Ambetter Balanced Care 2
Because a plan costs less than other options, it may have a higher deductible. Often, if you qualify for the subsidy, you will be able to afford to enroll in a more comprehensive plan, that will be heavily subsidized, so your cost is low. But just as importantly, you may be able to effectively reduce your deductible by as much as $2,000-$5,000. However, one of the most important factors to consider is the MOP (Maximum Out-Of-Pocket-Expenses). The combination of a low deductible and high MOP is sometimes not very cost-effective.
No medical questions. Yes, that's correct. The standard application contains no questions regarding your health. Whether you're an Olympic runner or you're currently being treated for cancer, it doesn't matter. If you are not offered coverage at your place of work, you are able to apply and purchase coverage through the Exchange (and more easily, through this website). Pre-existing conditions are covered without any surcharges or waiting periods. Benefits are much richer than previous years since 10 "Essential Health Benefits" are mandatory to be included in all Marketplace contracts.
The Affordable Care Act still allows the federal government to spend hundreds of millions of dollars to administer and regulate "the Marketplace." And yes, you pay a hidden tax every year. Each state can choose to run it themselves, which would burden the taxpayers of that state. Indiana prefers to allow the federal government to set up the program, which, as previously mentioned, spares taxpayers a portion of the previously-mentioned millions of dollars in expenses. However, regulation of the plans is still handled locally, which helps customize plan options for consumers.All new plans and any new companies requesting to offer coverage, must be approved by the Department of Insurance. Medical malpractice is also handled by the DOI.
The Federal Subsidy
Perhaps the biggest benefit (and gift) to Hoosier residents is the Obamacare federal subsidy. Based on your individual or family income, Indiana health Exchange rates drop by as much as 100% under the right circumstances. It's not taxable and it is automatically applied by the insurers to your billed premium. Thus, if your monthly rate is $100 and your credit is $1,200 per year, your benefits are free! And there are many policy options that allow you to pay no or very low premiums.
Larger families receive the most federal aid. The difference between one or three children in your household changes the subsidy by as much as $1,500-$3,000 per year. Your reimbursement could easily be more than $7,000, depending on the size of your family, age, and income. We review and show you how your subsidy is calculated and which plans will allow you to use your federal credit in the best way.
Households that don't qualify for federal aid, can also apply for coverage that is not listed on the Exchange. These options may have broader network provider lists, and in some situations, could cost less than the typical Gold or Silver policy. However, a high-deductible catastrophic policy may be the most cost-effective option four young healthy adults. Anyone can enroll in a Bronze (cheapest Metal tier) contract. "Catastrophic" contracts require the applicant to be under age 30 or show proof of financial hardship.
The Not So Good
The purpose of setting up a Health Insurance Exchange in Indiana and other states, was to save individuals, families and small business owners money by offering affordable medical coverage. Yet, most independent studies have shown this is not happening in all areas yet. Prices have increased between 10% and 40% in many parts of the state, depending on which study or research report you choose to believe. 2016 is no exception, with rates rising for most consumers. However, rates did not increase as much as 2014 or 2015.
The main reason is that so many unhealthy applicants will purchase coverage cheaply, while many healthy persons choose to go without coverage and pay the small tax. However, there are still affordable choices and we can help you find them. Although some counties have more choices than others, the number of participating companies is slowly increasing each year. And regional carriers, such as PHP, offer competitively-priced policies in several counties.
There also are limited choices for consumers in specific counties. In previous years, there were hundreds of different policy plan designs that could be custom fit (by an experienced broker) to suit individual, family or small business needs. However, the Marketplace has eliminated hundreds of plans and simply offers four levels of coverage- Bronze, Silver, Gold and Platinum. And yes, you are frequently forced to pay for benefits you don't need.
Companies To Choose From
Another variable is the number of available companies in specific areas. Certain counties will have limited availability of carriers while other areas will be more robust. For example, Northeast Indiana features four options: Anthem, MDWise, Physicians Health Plan and PHP. Thus, prices may be very attractive in this part of the state. In most other areas, Anthem offers policies.
For 2016, an additional company, CareSource, entered the market. Premiums are fairly low, compared to other companies. However, the network of participating physicians and other specialists may not include your existing providers. MDWise is looking to expand their customer base. Their prices are extremely competitive in many areas. However, their limited provider network is often a reason to choose an alternative company. It is possible that in the future, Aetna, who is merging with Humana, will offer private individual plans again.
Indiana University Health Plans
IU medical coverage has grown in popularity since its plans are Marketplace-approved, and thus, available for federal subsidies. Two HSA options along with a traditional copay plan are offered. Based in Indiana, with more than $5 billion of annual revenue, they are a "big player" in the state. Although expansion to the entire state is very unlikely, we expect their customer base to continue to increase.
Medicare Advantage enrollments have grown to more than 10,000 active policies. The IU plan receives 4.5 out of a maximum 5 stars, resulting in additional bonus payments. Medicare and Medicaid business has helped increase growth by about 70% from last year. Although Seniors have many attractive options to consider (including standard Medicare Supplement plans), the IU Advantage plan has become very popular.
Benefits Not Needed
You may not need contraception or maternity benefits. Prior to the Obamacare legislation in 2010, more than half of consumers elected not to pay for those coverages. But all Affordable Care Act and Marketplace-compliant contracts must include these options. Mental health and pediatric dental coverage may not be needed. However, it must remain on your policy.
Although it has been widely reported that long-term costs will reduce, the consensus is that they will not. Unfortunately, it appears that Indiana health insurance prices will be increasing over the next decade, not decreasing. Fortunately, rates have been fairly stable the last few years (2015 and 2016). However, with fewer companies expected to offer Marketplace options in the future, and the number of young healthy applicants not substantially increasing, it may be difficult to sustain long-term affordable pricing.
If these increases are quite small, rises in household income can offset them. And if more healthier applicants purchase coverage, prices could actually reduce. And of course, political changes could always have a large impact on the entire system.
We find the companies that can offer you the most substantial benefits at the lowest cost. If there are any available tax benefits that will lower your rates, we will show you how to qualify for these reductions. This includes HSA plans, which are ideal options for many higher-income healthy households.
For family incomes under $95,000, tax credits are available that reduce the cost of the medical coverage. Naturally, the lower the income, the higher the tax relief will be. Currently, Indiana residents are entitled to a health reform subsidy. Shown below are some specific examples in the 46121 zip code. Subsidy amounts can slightly vary, depending upon your county of residence.
30 year-old male making $22,000 per year. Amount of annual subsidy: $1,836.
30 year-old male making $30,000 per year. Amount of annual subsidy: $612.
45 year-old male making $50,000 per year. Amount of annual subsidy: $0.
45 year-old male making $40,000 per year. Amount of annual subsidy: $96.
45 year old male making $30,000 per year. Amount of annual subsidy: $1,464.
40 year old male and female (married) with two children making $65,000 per year. Amount of annual subsidy: $4,824.
50 year old male and female (married) with two children making $100,000 per year. Amount of annual subsidy: $0.
50 year old male and female (married) with two children making $80,000 per year. Amount of annual subsidy: $5,544
50 year old male and female (married) with two children making $70,000 per year. Amount of annual subsidy: $6,744.
What Are Navigators?
Navigators are special "helpers" that are funded by the government to aid in enrollment and contact persons that may not be aware of the Open Enrollment periods. However, they are limited in authority and the small amount of training they receive is nominal compared to licensed brokers. They should be very helpful to consumers that do not own a computer, but have specific limitations regarding recommending specific plans and offering advice.
Our website allows you to compare and apply yourself, or with our assistance. Regardless how you utilize our services, there is never a cost.
The Department of Health and Human Services released preliminary rates for Indiana Exchange plans. For example, a family of four (two adults and two children) with household income of $50,000 will pay approximately $280-$290 per month in premiums. However, if the household income is more than $94,000, the rate will increase to approximately $950-1,000. A young person (26-28 years old) with income of about $24,000 would pay approximately $140 per month.
The ICHIA, which is the state high-risk pool provider, will continue for an extra 30 days to the end of January. Originally, the program was scheduled to end at the end of 2013 since Open Enrollment plans would begin in 2014. However, because of delays to the federal website, it was decided an extension was needed.UPDATE
Indiana insurers are not being asked to reinstate older plans. Although President Obama indicated that each state would determine the fate of canceled plans, as DOI Commissioner Stephen Robertson pointed out, the logistics, time, and money spent to reverse decisions that were originally requested by Obamacare legislation, would be nearly impossible. Many companies, including Anthem, have invested years attempting to comply with mandated requirements.
Guess who's coming to town as a new player? CareSource, who offered coverage in Ohio in 2014, will offer plans in the Hoosier state in 2015 (also Kentucky). Mostly known for its Medicaid products in Ohio, their rates were very good and they enrolled almost 40,000 persons in 2014. CareSource has offered coverage for about 25 years and is well known in the Buckeye state..
Anthem expects prices for their "Gold" plans to slightly reduce, while "Bronze" premiums may be increasing as much as 12%-17%. The Southern portion of the state, however, may see across-the-board reductions for most or all plans. Local medical costs along with the number of submitted claims have been lower than anticipated in that area.
Rumors of an extension of the December 15th deadline for securing a January 1st effective date have been circulating. Last year, an extension was granted by the Department of Health and Human Services (HHS). Since this year, the number of glitches have been sharply reduced, we don't believe an extension will be granted. However, if password-recovery problems persist in the next few days, we may see a change.
2016 Indiana Health Insurance Marketplace rates are going up. Unlike many other states, the Hoosier State has avoided across-the-board 30% and 40% premium hikes. But double-digit increases are coming for many carriers. We listed below specific projections for popular plans. Of course, Department of Insurance must approve all proposed changes and could decide to only accept a partial increase.
26.3% - Time QHP Individual
19.3% - Humana PPO
14.7% - Physician's Health Plan of Northern Indiana Indigo
14.3% - US Health And Life HSA Small Group