The cheapest health insurance in Indiana is the caresource market low premium silver plan, which was the most affordable plan in all 92 counties in the state.
Residents of Indiana can find affordable health insurance through their state exchange, but the best plan depends on your medical condition, financial situation, and the region in which you live.
Reading: How much is health insurance indiana
cheaper health insurance coverage by metal level
we compare indiana plans by metal tier and identify the most affordable health insurance policy in the state for each level of coverage. There are four levels of coverage offered in the state marketplace, and we recommend using the following table as a point of reference when comparing the different costs and benefits between metal levels.
For example, the caresource marketplace low premium silver is the cheapest silver plan. It comes with a minimum monthly premium of $378 for a 40-year-old, but has a $6,500 deductible. on the other hand, the minimum monthly premium for the cheapest gold plan, ambetter security care 5, is $548. but the gold health insurance policy has a much more affordable deductible of $1,450.
The age of each insured person and the level of coverage are two important factors that affect your monthly premium. As your age increases, premiums at all metal levels increase. For example, a 40-year-old would pay an average of $486 less per month than a 60-year-old for a silver health plan in Indiana. But that same 40-year-old would pay 28% more premiums than a 21-year-old would.
methodology
finding your best health insurance coverage in indiana
The best indiana health insurance for you will depend on the county you live in, as the same policy may have different rates depending on your location. your income will also play a role. Indiana expanded Medicaid under the Affordable Care Act, so you may qualify for coverage if your household income is up to 138% of the federal poverty level.
Gold is the highest level, followed by Silver, Expanded Bronze, and Bronze. Premiums for gold plans are more expensive than silver plans, but these policies offer significantly lower out-of-pocket costs, such as deductibles, copays, and coinsurance.
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If you have high recurring medical costs, like expensive prescriptions, or think you may get sick, a gold plan may be the most cost-effective option for you. On the other hand, if you’re young, healthy, and don’t have anticipated medical costs in the near future, a lower-tier plan will keep your monthly premiums low and ensure you’re covered for medical emergencies.
gold plans: best for expected high medical costs
If you use or expect to use your insurance frequently, gold plans will generally offer you the best balance of costs, as they tend to offer lower deductibles and copays. this will offset the higher monthly rates you normally expect to pay for gold policies. Ultimately, these health plans are best if you have high expected medical costs, such as chronic conditions that may require regular medical attention, or you’re worried about paying out of pocket for an unexpected event.
the cheapest gold plan in indiana is ambetter security care 5. compare all levels in the previous state.
silver plans: best for people with low income or average medical costs
Silver plans are a good balance between higher monthly premiums in a gold plan and higher out-of-pocket costs in bronze plans. if your household income is between 139% and 250% of the national poverty level, you may qualify for cost-sharing reduction (csr) subsidies, which would further reduce your out-of-pocket costs. typical silver plans cover about 70% of your health care costs, while you pay 30%. With csr subsidies, you could qualify for a silver plan that covers up to 94% of your health care costs.
The cheapest silver plan in Indiana is the caresource marketplace low premium silver. compare all levels in the previous state.
bronze plans: the best for young and healthy people
bronze plans offer lower monthly premiums compared to silver and gold plans. however, they come with lower coverage, which means higher out-of-pocket costs such as deductibles, copays, or coinsurance. This means that if you need medical care during the year, you will have to pay more money before the coverage kicks in. We do not recommend these policies unless you can afford higher deductibles, copays, and coinsurance in the event of a medical emergency.
Extended bronze plans are a plan level introduced four years ago. This tier increases the coverage of a typical bronze plan, which can cover about 60% of your health care costs. extended bronze plans cover up to approximately 65% of your costs.
the cheapest bronze plan in indiana is the ambetter essential care 1. compare all levels in the previous state.
short term health insurance in indiana
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In Indiana, short-term health insurance is available. the state allows plan terms of up to 364 days with a maximum of 36 months if you choose to renew.
Short-term health insurance may be an ideal option for coverage if you’re currently between jobs or missed open enrollment. however, in indiana, these plans do not cover the essential health benefits set forth in the affordable care act (aca). therefore, if you purchased a short-term plan, you may not receive coverage for pre-existing conditions or essential health benefits.
the best cheap health insurance companies in indiana
There are currently three health insurance companies listed on the Indiana State Stock Exchange. These issuers are caresource indiana inc., celtic insurance company/ambetter and anthem blue cross and blue shield.
cheapest health insurance plan by county
we compare the most affordable silver policies available in the state market by county to help you start your search for the best health insurance plan in indiana. The table below shows which policy has the best rates for your county, as well as sample monthly premiums for an individual, a couple, and a family of three.
average cost of health insurance by family size
The cost of health insurance for your family in Indiana will be greatly affected by the level and health plan you select, the number of people covered, and their ages. Adding children to your health insurance plan will cost an additional flat fee for coverage until they are 15 years old. when they turn 15, the monthly fee will increase as they get older.
for example, the average monthly premium on a silver plan for a family of three, assuming two parents in their 40s and one child, is $1,124 in indiana. if you added another child to the plan, the monthly premium would increase by $259. For a family of five, the average total monthly health insurance rate would be $1,642.
changes in health insurance rates in indiana
Insurers set premiums for health insurance policies in the marketplace and then submit them to the Indiana Exchange for approval. Between 2021 and 2022, the average cost of health insurance in Indiana decreased 4% across all plans. the cost of a gold plan decreased by 5%, the largest change of any metal level. the cost of bronze extended plans decreased the least, by only 2%.
methodology
indiana health insurance policy and rate information obtained from centers for medicare & Government of Medicaid Services (CMS) website. The data used in this analysis was based on the public use cms files (poof). ValuePenguin then calculated the average premiums by metal tier, family size, and region. Our analysis used plans and providers for which county-level data was included in the CMS match file; those excluded from this dataset may not appear.
