Inexpensive individual healthcare plans in Indiana save consumers money and we will help you find the best policies in your area. Private policies can be quite affordable due to federal subsidies offered by the Affordable Care Act legislation. Personal policies provide flexibility so you can select comprehensive or catastrophic coverage at prices that have reached historic lows. The instant tax credit can be immediately applied to the rate, and can potentially pay all of your premium.
We review the costs and benefits of all available private, group, and Senior plan from top carriers like Anthem Blue Cross Blue Shield, Humana, Cigna, UnitedHealthcare, Aetna, and other carriers. Many companies stopped writing personal medical coverage in the state (Medical Mutual, for example), so they are no longer offer options. Individual rates in most major cities, like Indianapolis, South Bend, and Richmond, are usually very attractive. Large Provider Networks allow you the choice of selecting your own doctors, specialists and hospitals. Many companies have country-wide networks that allow you to be treated outside of Indiana.
Instant Tax Credit
The availability of direct federal subsidies has substantially reduced premiums for many consumers. These “instant tax credits” allow you to substantially reduce your premium immediately, without waiting for a check in the mail or filing your tax return. However, if you do fail to submit a completed form with appropriate documentation (1095-A may be applicable), you may lose the credit. Enforcement typically involves an automated audit of your tax-return and a request for the completed documentation.
The form contains the information needed to complete another form (8962 – Premium Tax Credit). Any assistance you received is reported to the IRS, and the information they receive must match the figures you enter on the form. If you enrolled in multiple policies through the Marketplace (different family members), you may be required to complete more than one form. Sample forms are available on the IRS official website.
Also, with limited Medicaid expansion, more persons are able to obtain their own medical plan at a fraction of the cost they may have previously paid. Special “catastrophic” plans (discussed below) are also available if you are under age 30 or meet financial hardship guidelines. These types of policies are ideal for younger individuals and families looking for major medical benefits at budget prices.
Short-Term Options
Of course, the least expensive type of coverage is a “temporary” plan. Rates are extremely low, although this type of policy is designed for only a few months of coverage. However, you can keep benefits in effect for 12 months (with specific carriers), if necessary. Pre-existing conditions are excluded and typically all benefits are subject to a deductible. Since the period of time you own the contract is limited, the maximum lifetime benefit is often as low as $250,000, although caps of up to $2 million are also offered.
Most companies allow you to renew one time (subject to approval), so it is still possible to use this type of policy for longer than 12 months…if you change carriers. But if your health changes, it could become difficult to renew the policy, depending upon the severity of the ailment. And once you are denied coverage, you may not be able to qualify for another short-term policy with any carrier.
You can expect to pay less than $100 per month. If you’re under 35, the rate is often less than $70 per month. UnitedHealthcare, along with several other smaller carriers offer the most competitive pricing, which is available directly through our website. If you need help determining which policy is the most appropriate for you, please contact us.
Companies With Best Temporary Plan Rates
The most popular temporary policies are UnitedHealthcare’s “Short Term Medical Plus” and “Short Term Medical Value” plans. Humana and Anthem don’t directly underwrite temporary plans, although they maintain working agreements with separate carriers. Other smaller companies that offer short-term medical plans include Standard Life, National General, Everst Prime, and HCC Life.
UnitedHealthcare offers the lowest premium in small portions of Indiana, although temporary policies are not available as Exchange or Marketplace coverage. Short-term contracts should never be used as a permanent replacement for other policies. Note: National General offers 12 month of coverage by issuing four separate and consecutive three-month policies. A new deductible and maximum out-of-pocket expense maximum is reset at the beginning of each three-month policy.
Most temporary plans feature two-page applications and simplified underwriting. Typically, if you can answer “No” to about 3-5 medical questions, you will be approved within 48 hours. We’re always happy to help you with the application process and help determine which company and plan is best for you.
These types of plans are commonly used for students that just finished school, workers that lost their job or anyone needing to get coverage quickly if their current policy is lapsing. Or, if you need additional time to review long-term options, (90 days), these types of policies are ideal. Note: COBRA eligibility should never be forfeited without completely reviewing benefits and price.
Catastrophic Plans
The other type of “cheap” coverage is a catastrophic policy (more information here) that is designed to cover major medical claims. Rates are very inexpensive and policies can be paid on a monthly basis. Although mandated preventive benefits are provided (no waiting period or deductible), symptomatic office visits to your primary-care physician may be restricted to several visits with a copay. Specialist visits may have to meet a deductible.
If you are able to pay for office visits out of your own pocket, the savings may make this policy a great choice. NOTE: Marketplace catastrophic contracts require you to be under age 30 or have evidence of financial hardship. Otherwise, a Bronze-tier plan may be the best option, since a federal subsidy is available. Often, the federal subsidy easily offsets the extra cost of a bronze or Silver-tier plan.
And after a few years of coverage (or longer), the savings may exceed your out-of-pocket expenses. Currently, you are able to navigate from one policy to another regardless of any medical problems you have. Open Enrollment is the designated time to switch plans. For 2018 effective dates, the enrollment period began on November 1.
Discontinued Plans
UnitedHealthcare’s “Saver 80” plan was a popular low cost catastrophic plan that was competitively priced in most parts of the state. It was ideal for individuals and families that were willing to pay out-of-pocket for non-preventive office visits and expenses. The savings was often hundreds of dollars per month in lower premiums. That plan was discontinued, although, as previously mentioned, a special “catastrophic” policy is offered to persons that qualify.
Anthem’s “SmartSense” and Celtic’s “Basic” plans are also no longer available. They were victims of the Obamacare legislation. Substitute policies are now available although Celtic has discontinued its private policy coverage in Indiana. Anthem offers several low-cost plans in the Bronze-tier.
Hoosier Healthwise (including CHIP), may be able to assist you if you are pregnant, qualify as a “low income” household and/or have children. If you qualify, you can obtain quality medical coverage at a very low cost. Other available plans include Healthy Indiana Plan (HIP) for adults, RX For Indiana for medication assistance and Care Select, if you are on Medicaid. We are always prepared to explain to you which (if any) of these options you would qualify for.
“Cheap” medical coverage is available in Indiana. And you can still have some of the coverages found in much more expensive plans. Take the time to compare the lowest available rates offered by each carrier. You can view your free quotes by placing your zip code in the “Quote” section at the top of the page. Naturally, there is never any obligation!