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The Cost of Health Insurance a Month in Indiana

Indiana residents can find cheap health insurance on their state health insurance exchange, but the best plan depends on your medical condition, financial situation, and the area in which you live.

Average Cost of Health Insurance by Family Size

The cost of health insurance for your family in Indiana will largely be impacted by the tier and health plan you choose, the number of people covered, and their ages. Adding children to your health insurance plan will cost an extra flat rate for coverage until 15. Upon reaching 15, the monthly rate will rise as they grow older.

For instance, the average monthly premium on a Silver plan for a family of four, assuming two 40-year-old parents and a child, is $1,304 in Indiana. If you were to add another child to the health insurance plan, the monthly premium would increase by $244. Thus, for a family of five, the total monthly health insurance rate would be $1,548.

Finding the Best Health Insurance Coverage in Indiana

The best health insurance in Indiana will depend on the county in which you live, as the same plan may have different rates depending on where you reside. Your income will play a role also. Indiana expanded Medicaid under the Affordable Care Act, so you can be eligible for coverage if your household income is up to 138% of the federal poverty level.

• Silver plans
• Gold plans
• Bronze plans

Gold is the highest tier, followed by Silver, Expanded Bronze, and Bronze. Premiums for Gold plans are more costly than Silver plans, but these plans provide significantly lower out-of-pocket expenses, like deductibles, copays, and coinsurance.

If you have high recurring medical costs, like expensive prescriptions, or think you may become sick, a Gold plan may be the most cost-effective choice for you. On the other hand, if you are young, healthy and have no expected medical expenses in the near future, then a lower-tier plan will keep your monthly premiums low while ensuring you have coverage in case of any medical emergencies.

Gold Plans: Best for High Expected Medical Expenses

If you use or expect to use your insurance regularly, then Gold plans will typically provide you with the best balance of costs, because they tend to offer lower deductibles and copays. This will offset the higher monthly costs you can typically expect to pay for Gold policies. Eventually, these health plans are best if you have high expected medical costs, like chronic conditions that may require constant medical attention, or you are concerned about being able to pay out of pocket for an unexpected condition.

Silver Plans: Best for Those with Low Income or Average Medical Expenses

Silver plans are a good balance between the higher monthly premiums provided in a Gold plan and the higher out-of-pocket costs on Bronze health insurance plans. If your family income falls between 139% and 250% of the national poverty level, you can be eligible for cost-sharing reduction (CSR) subsidies, which would further lower your out-of-pocket expenses. Typical Silver plans cover about 70% of your health care expenses while you pay 30%. But with CSR subsidies, you could qualify for a Silver health insurance plan that covers up to 94% of your health care costs.

Bronze Plans: Best for Young, Healthy Persons

Bronze health insurance plans provide lower monthly premiums compared to Silver and Gold plans. Nevertheless, this comes with lower coverage, meaning higher out-of-pocket costs like deductibles, copays, or coinsurance. Thus, if you need medical care during the year, you would have to pay more money before your health insurance starts to pay. We wouldn’t recommend these plans unless you can afford the higher deductibles, copays, and coinsurance in case of a medical emergency.

Indiana Short-Term Health Insurance

In Indiana, short-term health insurance is available, though the state does not follow federal guidelines for this kind of policy and instead sets its regulations. This comprises restricting the maximum length of the plan to six months and not allowing renewals after the initial term.

Short-term health insurance may be a good choice for coverage if you are presently between jobs or missed open enrollment. Nevertheless, in Indiana, these plans do not cover the essential health benefits laid out in the Affordable Care Act (ACA). Thus, if you bought a short-term plan, you would likely receive no coverage for preexisting conditions or the essential health benefits.

Resources and References:

• Essential Health Benefits Under ACA
• Bronze Health Insurance Plans