The Hoosier State has around 6.5 million residents out of which 2.5 million are enrolled in government-funded programs like Medicare and Medicaid, with only a small percentage of the population enrolled in marketplace plans. Still in the year 2021, a good number of residents of the state are uninsured and don’t have access to medical insurance through their employer or government. Thus, the uninsured residents need to understand that it is never too late to buy health insurance and so they should look for private health plans available for individuals and families to have the essential health coverage. Uninsured residents can choose ACA-complaint private individual health plans that provide essential health benefits and are required to cover preexisting conditions.
People can enroll in private individual market plans either through the exchange during the open enrollment period or they can buy health plans directly from the carriers. The state relies on the federally facilitated marketplace so residents enroll in health plans through HealthCare.gov. Currently, there is a COVID-related enrollment window open that continues through August 15, 2021. Uninsured people can enroll during this period without any qualifying event. This gives the uninsured population of the state a chance to obtain coverage without waiting for an open enrollment period.
Vital Statistics Related to Indiana Health Insurance
- Indiana has a federally facilitated marketplace so residents enroll in health plans through HealthCare.gov.
- COVID-related enrollment window is open and continues through August 15, 2021, thus giving people the option to enroll in a new plan or make changes in their existing plan without any qualifying event.
- During the open enrollment period for 2021 coverage, 136,593 people enrolled in private individual market plans through the exchange.
- Enrollment in Indiana has declined in 2021, with about 3.7 percent fewer enrollees compared to 2020.
- There is an average rate increase of 10.5% for the year 2021 in Indiana’s individual market.
- The cheapest health plan in Indiana in 2021 is the CareSource Marketplace Bronze plan having a monthly premium of $284.
- Three health insurers are offering health plans in Indiana’s exchange in the year 2021.
Different Health Plans available in Indiana
The ACA-compliant private individual health plans in Indian are categorized into four different metal-tiers as Bronze, Expanded Bronze, Silver, and Gold health plan. The Gold is the highest tier of health plan available in Indiana that is followed by Silver, Expanded Bronze, and Bronze. Gold plans have expensive premiums but come with significantly lower out-of-pocket expenses like copays, deductibles, and coinsurance. Gold health plans are ideal for individuals who have high recurring medical costs like expensive prescriptions or if they expect some health issues later in that year. In such circumstances, a Gold plan may prove the most cost-effective option for them. On the contrary, individuals who are young, healthy, and don’t expect any medical costs soon can opt for a lower-tier plan that comes with low monthly premiums.
Enrolling in a low-metal tier plan will ensure that they have health coverage in case of any medical emergency while not burdening their pocket too much. People who want to have a balance between monthly premiums and out-of-pocket costs should opt for the Silver plan, as this plan has moderate monthly premium as well as out-of-pocket costs. Besides, individuals whose household income falls between 139% and 250% of the national poverty level, then they can even qualify for cost-sharing reduction subsidies that will further lower their out-of-pocket expenses. Usually, Silver plans cover around 70% of healthcare costs while the insured is required to pay 30% of their medical costs. However, with CSR subsidies, individuals may qualify for a Silver plan that covers up to 94% of their healthcare costs.
Average Cost of Health Insurance by Metal-Tier in Indiana
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Private Health Insurance Options in Indiana
Around 8% of the uninsured population of Indiana have the option to enroll in private individual health plans offered by three health insurance carriers available in the state. They can purchase a private individual health insurance plan through the Affordable Care Act exchanges or directly through health insurance carriers. Not all health insurance carriers offer plans through the government-run health insurance marketplace, so to find more individual and family health plan options, people can shop directly through health insurance carriers. The cheapest health plans in the individual market are Bronze plans, and the cheapest health plans for people qualifying for cost-sharing subsidies may be a Silver plan that may even become cheaper than a Bronze plan depending on their income. Thus, people should get quotes from different private plans to see the difference and opt for the most affordable coverage.
Health Insurance Carriers available in Indiana
Three health insurance companies are offering health coverage in 2021 for individuals and families in the Indiana health insurance marketplace. Anthem rejoined the exchange in 2021 and is offering health plans only in three counties. The three carriers available in the state are: