The Indiana Consumers Life (Medical Mutual) Insurance  Wellness HSA plan is a great option to consider for families and individuals that prefer High-Deductible health insurance coverage. Rates are extremely competitive compared to the other major insurers and there is a large Network of doctors, specialists and hospitals in Indiana. The higher deductibles ($5,000) seem to be the most attractively-priced option when competing with Anthem, UnitedHealthcare, and other carriers that offer HSA options.

Medical Mutual offers various health insurance plans to individuals and families. They have been a popular  provider in nearby Ohio for the last 70 years. A few years ago, Medical Mutual took over the in-force portfolio of Consumers Life. There was no stoppage of coverage of policy benefits, and the name officially changed to MM in 2011. Consumer satisfaction has always been high and this policy is easy on the budget, while covering all of the catastrophic expenses that possibly could occur.

The  plan is a simple concept. Once the deductible has been met, 100% of covered expenses are paid with no lifetime or annual limit. Many deductible options are offered, although the most common choices are $2,500 and $5,000. A new $4,000 option was introduced in late 2012.  Routine preventive expenses (qualified) are not required to meet any deductibles, copays or waiting periods. In simplistic terms, you are rewarded monetarily for taking measures to keep yourself healthy. This provision continues every year you own your policy. The fewer medical issues you have, the higher the potential for accumulating funds inside the account.

This is one of the big advantages of this type of plan, since the combination of annual physicals and other related expenses could be costly. And usually, you’ll save a substantial amount of premium by purchasing this type of policy. Other HSA options can be found on this page. We proudly offer the lowest prices from all carriers that offer private and small-business plans. As new companies enter the marketplace, we will review and publish the plans they offer in the Hoosier State.

Since the policy is HSA-eligible, a separate account can be created by a bank of your choice. Qualified medical, dental and vision expenses can then be paid with tax-deductible dollars. You remain in complete control of the deposits you make into the account. You never forfeit any of the funds if they were not used by the end of the calendar year. Most banks will pay a small interest on some or most of your account balance.

The “savings account” feature is completely optional as you are not required set up an account. If you utilize the savings portion of the policy, any deposits are yours and  are available at all times. You can stop and start contributions at regular or irregular intervals. Many owners actually skip contributions for many years when their funds start to substantially grow. A big attraction is the tax deduction you receive without having to spend the money on healthcare expenses that year. The contribution itself generates the tax savings.

Sample Consumers Life Wellness HSA Monthly Rates In The Evansville Area

35 Year-Old Male

$93 $5,000 Deductible

$119 $3,000 Deductible

$132 $2,500 Deducible

35 Year-Old Male & Female Plus One Child

$294 $5,000 Deductible

$384 $3,000 Deductible

$430 $2,500 Deductible

You can view your specific quotes at the top of the page by providing your zip code. Anthem and UnitedHealthcare should always be considered when buying a policy.

UPDATE: Since this article was written, Medical Mutual has decided to focus their core business on states other than Indiana. Therefore, this policy is no longer available. Many attractive HSA options are offered as Marketplace plans and are typically available in the Silver or Bronze tiers. Because of deductible restrictions, they are not offered in the gold or Platinum tiers.