You want the cheapest healthcare available in Indiana from a reputable company. You don't care about paying $60 for an occasional office visit or $15 for a prescripton twice or three times per year. Your priority is avoiding the big claim that wipes out your assets and sets you back a decade. You need catastrophic health insurance. That was easy!
Indiana catastrophic medical coverage is the least expensive type of benefit available for individuals, self-employed persons, small business owners and families. Prices are about 20%-50% lower than comprehensive plans and most of the Hoosier carriers offer this type of plan. We'll explain the different major medical expenses and guide you through the process of selecting the policy that is ideal for your needs. It is also very easy to apply for a policy.
UnitedHealthCare, Anthem Blue Cross, Humana, and PHP have quality low cost plans that are easy on your budget, provide great value, but still provide outstanding large-claim and preventive benefits. Celtic and Medical Mutual no longer sell private plans in the state and Aetna and CIGNA pulled out several years ago. However, we anticipate Aetna, in the future, returning to the Marketplace.
Deductible options range from $500 to about $6,500 and various coinsurance choices are also available. Another advantage of this type of policy is that historically, premiums increase less rapidly for high-deductible plans compared to other policies with richer benefits. And occasionally, rates actually reduce.
When purchasing a "catastrophic" policy as an Exchange or Marketplace plan through Open Enrollment, you must meet certain guidelines, since many of the required Obamacare coverages are not included. This began in late 2013, when much of the ACA (Affordable Care Act) legislation went into effect.
For example, if you are under age 30, automatically, you qualify to enroll in this type of plan, regardless of your income. If you are 30 or over, a "hardship exemption" must be used. Otherwise, the cheapest available option would likely be a "Bronze" plan, that is likely to be more expensive.
Some (not all) of the most common "hardship exemptions" are:
Death of a family member
You are homeless
Bankrupcy within the last six months
Unpaid medical expenses within the last two years
Natural disaster (flood, fire, earthquake etc...) impacted your property
Caring for sick, disabled or older family member created unanticipated financial hardship
Eviction or foreclosure
Current policy was terminated and all other Exchange options are too expensive
Our website makes it easy for you to shop for the best deals and apply online for a policy. We represent all of the major companies and provide the lowest filed published rates by each carrier. Very quickly, you can pick the best plans, compare benefits and prices, and purchase coverage. You can apply online or have an application faxed, emailed or mailed to you. There are never any fees and we’ll continue to provide support after your policy is approved.
Catastrophic policies typically cover major items, such as inpatient and outpatient hospital expenses, emergency room charges, facility fees, additional fees charged by doctors, surgeons and nurses, anesthesia, and many other expenses associated with a hospital stay. Office visits and outpatient prescriptions are generally not covered, although recent medical reform changes now require these types of policies to include preventive benefits. This includes many required expenses for children and adults, including annual physicals and well check visits.
Policies Prior To 2014
UnitedHealthCare’s “Saver 80” plan is one of the most popular and affordable catastrophic plans in Indiana. For example, a family of three (ages 40, 40 and 8) in the Indianapolis area would pay approximately $190 per month for a plan with a $5,000 deductible and $225 per month if the deductible is lowered to $2,500. Individual rates are substantially lower. Savings can be thousands of dollars or more.
A $1,000 deductible is also available and a "vanishing" feature lowers the potential out of pocket expense each year (subject to policy provision). If you don't meet your deductible during the calender year, it reduces. The maximum policy discount is 50% and it's a nice money-saver if you have a hospital claim.
A "Plan 80" option is also available that features richer office visit and RX benefits after a deductible has been met. Specific details of this plan can be viewed after your free quote is requested. It's a simple concept. Once the deductible has been reached, you only pay 20% of expenses, although it changes to 0% after a small cap is reached.
The most common type of catastrophic coverage is a “High Deductible Health Plan” (HDHP), which must be used to open an HSA. An HDHP has minimum deductibles of $1,200 for an individual and $2,400 for a family. Once the deductible is met, covered medical expenses are paid by the insurer. However, qualified preventive expenses are not subject to the deductible. HSAs became available in 2004 and are a favorite among small business owners. We expect them to remain popular when the State Marketplace is open for business in 2014.
Since an HDHP costs substantially less than traditional healthcare, the difference in premium can be deposited into the Health Savings Account. Money in the contract is handled by you and can be used to pay for qualified medical, dental and vision expenses on a tax-favored basis. Many low cost HSAs are offered by Indiana insurers. When you use the quote feature on our website, you'll be able to compare specific rates. I have an HSA (I have had it for many years) and have been very pleased with the results.
Although it’s hard (almost impossible) to accurately predict what medical expenses you are going to incur, traditionally, Indiana catastrophic health insurance plans work best when any children in the household are at least 12 years-old and all family members rarely visit the doctor or take any prescriptions. The savings can be thousands of dollars per year which is an attractive option to consider. We’ll help you make the right decision by reviewing which plans best fit within your budget, but still provide the coverage you are likely to use.
After you enter your zip code at the top of the page, within minutes, you'll be able to view how low these Indiana premiums are. If you apply for a policy, and you are currently insured, please do not cancel your plan until you have been approved for new coverage.