Shop for cheap short-term health insurance rates in Indiana. Typically, temporary medical coverage is 50% less expensive than the cost of a conventional on and off-Marketplace or Exchange plan. Instead of paying hundreds of dollars per month, depending on the deductible and age, your cost will be much lower, and extremely affordable. Usually, this type of policy works best if you are currently not working, temporarily without benefits, transitioning from one employer to another, or would like to drastically reduce your health insurance premium.
However, if you are working, but do not have coverage, a short-term policy will allow you to cover yourself quickly, and provide ample time to compare permanent options. We also show you how to easily pay for unexpected sickness and illness, and keep rates low. The contracts are very flexible, understandable, and easy to purchase. Often, benefits can be activated the same day since completing the short online application takes about 10-15 minutes. Online enrollment is possible and only the first month’s payment is required. You may also cancel the policy at any time.
Although they are designed to be kept for a limited period of time, up to three additional renewals are sometimes allowed, depending on the carrier, and subject to medical underwriting. However, once per year, you can change to a Marketplace plan and purchase more comprehensive coverage. You may also enroll any time during the year for specific “qualifying life event,” that also entitles you to subsidy eligibility. Common situations are moving to a different service area, losing credible coverage from an employer, divorce, or birth or adoption of a child. Children that reach age 26, and are covered under a parent’s plan, can also apply for guaranteed coverage.
It is important to understand that this type of policy does not meet Affordable Care Act (ACA) guidelines since they do not include maternity, pediatric dental, 100% preventive coverage, dental or other “essential required health benefits.” Regardless of your household income, a partial or full federal subsidy will not be paid, and pre-existing conditions are not required to be covered on any policy you purchase. Any new previously unknown conditions will be covered, subject to policy deductibles and maximum out-of-pocket expense limits.
However, temporary contracts are no longer assessed a 2.5% household income tax (individual responsibility payment) for not complying. The actual penalty was the higher of 2.5% of your income or $695 per adult and $347.50 for children under age 18. Thus, a family of four previously could pay a fine (tax) of about $2,500, depending on household earnings. This tax ended on January 1, 2019. It is not expected to be reinstated, as the ACA Legislation continues to be updated.
Did You Miss Open Enrollment?
If you missed Open Enrollment in Indiana, short-term contracts may be able to cover your major medical needs until the next Open Enrollment. The plan is designed to pay for larger claims, such as inpatient/outpatient expenses, major medical, and catastrophic illness and injury. Up to $1 million (some contracts pay more) in benefits can be cheaply purchased, so running out of coverage should not be an issue. However, chronic conditions that require specialized treatment are generally best covered by a permanent plan. It’s also possible that a new job may provide comprehensive benefits.
As previously mentioned, since ST policies do not contain all 10 “Essential Benefits” (required to be compliant under Obamacare), they will not cover maternity and childbirth, pediatric dental, comprehensive mental illness, or pay for most (or all) pre-existing conditions. Generally, ER and Urgent Care visits, inpatient surgery, and outpatient surgery, are subject to a deductible and coinsurance. With many plans, you can elect a “per claim” or “per period” deductible option. Most Indiana hospitals provide network coverage to one or more carriers. In most situations, emergency treatment is a covered benefit, although a deductible may apply.
Comparison of ST and Marketplace Options
The least expensive non-subsidized Silver-tier plan for a 35 year-old in Putnam County costs approximately $323 per month (Ambetter Essential Care 2 HSA). The Ambetter Balanced Care 11 costs $329 per month, while the Ambetter Balanced Care 5 plan costs $333 per month. In 2020, more carriers may become available.
A short-term plan (with a higher deductible) costs about $75 per month, which provides more than $3,000 per year in savings. Regardless of the household income, there is no longer a penalty for purchasing a non-Obamacare plan. And if a serious injury occurred, your maximum benefit should be more than enough to cover most expenses. Recent college graduates with limited income should consider this type of coverage, if they are not eligible for qualified comprehensive coverage.
Quick Approval And Limited Medical Questions
Indiana short-term health insurance (view more details here) is cheap because it is generally used when your need for coverage is less than one year. There are no required physicals and the standard application has less than five medical questions. If you’re not being treated for any major medical conditions, there’s a good chance your application will be approved within a few days (or less). And of course, the rates you view on our website are the lowest available from the major carriers. NOTE: Temporary plans often have a small one-time enrollment fee of about $20-$40, which is acceptable. However, several “limited benefit” or indemnity plans
If you have specific medical issues, you still could qualify for a policy. For example, allergies and most mental conditions should not keep you from getting coverage. However, the most serious illnesses such as cancer or diabetes would cause an application to be denied. In these situations, “limited benefit” coverage can be offered, although your portion of a large hospital bill will be higher than a short-term or Exchange plan. Because of the high out-of-pocket costs, we do not endorse or recommend these types of options.
Recently, several carriers, including UnitedHealthcare, have begun to approve applicants that are actively taking medication to control high blood pressure. If controlled and regularly monitored by a physician, an application could be approved. However, the combination of cholesterol and blood pressure medications will typically cause an application to be rejected. Also, the presence of blood-thinning medications, such as Coumadin and Xarelto will undoubtedly result in a denial of coverage. Oral medication for diabetes, cancer, or heart disease, will also likely cause a denial.
Using Exchange Plans For Short Periods Of Coverage
During Open Enrollment, for Indiana Health Exchange coverage, you do not have to qualify medically to purchase a policy. And since you can cancel your contract at any time, you can use them for a temporary need. Here’s an example:
Suppose you recently exhausted COBRA benefits and you now need to find a new policy. You will reach age 65 in eight months and become eligible for Medicare. So, of course, you don’t want to keep your policy long-term. About eight months will be the perfect time period, assuming you can continuously renew three-month temporary plans. However, if a significant illness or injury occurs, you may not be able to renew the policy, and may incur large medical expenses. In this example, selecting a comprehensive individual plan is advisable, since it can be easily terminated when you reach age 65.
Enrolling in a Marketplace policy through our website will give you immediate coverage (since it is an “event” that allows you to enroll in or outside of Open Enrollment). You can also terminate benefits when you become Medicare-eligible. If affordability is a major concern (assuming you do not qualify for a subsidy), a temporary plan could possibly be a solution.
Despite the quick approval, it’s important to understand that pre-existing conditions are not covered on non-Marketplace contracts, and most prescriptions and office visits are subject to a deductible. Typically, deductible options range from $500 to $10,000. Since it is unlikely that you will be submitting a claim, a higher deductible may make more sense…unless you have a claim!
Once a deductible has been reached, most companies provide 80% coverage (20% coinsurance). Your portion, of course, would be 20%. You can also consider reducing the coinsurance. However, 50% coinsurance plans can offer substantial savings. Other common policy features include emergency care, surgery expenses (inpatient and outpatient), diagnostic expenses and most of the fees associated with a hospital stay.
Although many companies offer temporary healthcare coverage in Indiana, usually, the least expensive options are policies with UnitedHealthOne, HCC Life, National General, and IHC Group. Anthem, in selected areas, previously offered competitive rates. It’s usually cheaper to pay for your coverage with one payment, although all carriers offer a monthly payment option. At any time, a policy can be canceled and you’ll receive a refund for the unused coverage.
These types of plans are ideal if you need coverage to be effective very quickly and you are mainly concerned with the most expensive type of claim. In fact, you can apply for another policy while a short-term plan is in effect. For example, if your temporary plan covers you through the end of the year, you can purchase new benefits during Open Enrollment which takes place in November and December for Jan 1 effective dates. Your first premium must be paid by January 1.
Sample Monthly Rates for a 35 year-old male residing in Indianapolis (Marion County)
$46 – IHC Group $10,000 deductible, 20% coinsurance, and $1 million policy maximum
$49 – LifeShield $7,500 deductible, 20% coinsurance, and $750,000 policy maximum
$52 – LifeShield $5,000 deductible, 20% coinsurance, and $750,000 policy maximum
$53 – IHC Group $5,000 deductible, 20% coinsurance, and $1 million policy maximum
$62 – LifeShield $2,500 deductible, 20% coinsurance, and $750,000 policy maximum
$66 – National General $2,500 deductible, 20% coinsurance, and $1 million policy maximum
$77 – LifeShield $2,500 deductible, 20% coinsurance, and $750,000 policy maximum
Sample Monthly Rates for a 35 year-old married couple with one child (3 persons) residing in Indianapolis (Marion County)
$85 – IHC Group $5,000 deductible and 50% coinsurance
$93 – IHC Group $7,500 deductible and 20% coinsurance
$99 – IHC Group $2,500 deductible and 50% coinsurance
$128 – UnitedHealthcare Value – $5,000 deductible and 30% coinsurance
$140 – National General $3,500 and 20% coinsurance
$143 – HCC Life $5,000 deductible and 50% coinsurance
$160 – UnitedHealthcare Value – $2,500 deductible and 30% coinsurance
$186 – HCC Life $5,000 deductible and 30% coinsurance
$207 – Anthem $5,000 deductible and 50% coinsurance
$211 – UnitedHealthcare Value – $1,500 deductible and 30% coinsurance
$235 – Anthem $2,500 deductible and 50% coinsurance
$286 – HCC Life $500 deductible and 50% coinsurance
Sample Monthly Rates for a 45 year-old female residing in Fort Wayne (Allen County)
$55 – IHC Group $5,000 deductible and 50% coinsurance
$59 – IHC Group $7,500 deductible and 20% coinsurance
$63 – IHC Group $2,500 deductible and 50% coinsurance
$91 – UnitedHealthcare Value – $5,000 deductible and 30% coinsurance
$114 – UnitedHealthcare Value – $2,500 deductible and 30% coinsurance
$129 – Anthem $5,000 deductible and 50% coinsurance
$136 – IHC Group $500 deductible and 50% coinsurance
$141 – Anthem $2,500 deductible and 50% coinsurance
$161 – National General $2,500 and 20% coinsurance
$175 – UnitedHealthcare Value – $1,000 deductible and 30% coinsurance
$195 – HCC Life $500 deductible and 50% coinsurance
Sample Monthly Rates for a 55 year-old male residing in Fort Wayne (Allen County)
$123 – National Insurance $7,500 deductible and 20% coinsurance
$129 – IHC Group $7,500 deductible and 20% coinsurance
$132 – National Insurance $5,000 deductible and 20% coinsurance
$143 – IHC Group $5,000 deductible and 20% coinsurance
$162 – National Insurance $2,500 deductible and 20% coinsurance
$181 – Companion Life $5,000 deductible and 20% coinsurance
$238 – UnitedHealthcare $5,000 deductible and 30% coinsurance
$296 – UnitedHealthcare $2,500 deductible and 30% coinsurance
$322 – Companion Life $5,000 deductible and 20% coinsurance