America’s Premier Health Insurance Agency
2021 Indiana Health Insurance
Speak Directly with a Licensed Healthcare Rep
2020 has proven to us that you can never be too safe. With an overwhelming amount of uncertainty all around, having a shield against catastrophe is important. That’s where health insurance comes in. Remaining uninsured means that even the flu could set you back financially or a single hospital visit could put you into a lifetime of debt. It’s time to start shopping around for major medical plans.
Thinking about searching for some 2021 health insurance quotes? Before you do, make sure you know everything there is to know about major medical plans in Indiana.
Types of Health Plans
Although there are four metal tiers—bronze, silver, gold, and platinum—Indiana has no platinum level policies as of 2020. Catastrophic health insurance is also available. You get the same essential benefits, but it lacks the comprehensiveness of other tiers. If you need ongoing medical care, catastrophic medical insurance is not for you.
Aside from the tiers, there are networks of healthcare providers and facilities that are covered within your chosen insurance policy. This includes:
You are allowed to visit any doctor, specialist, or hospital you want, but you will pay a significantly higher price going out of network. Though you don’t have to select a primary care physician (PCP), you do have to pay a copay or coinsurance.
The plan’s network provides you with doctors, hospitals, and specialists. When you join, you choose a primary care physician who will then refer you to specialists as needed. Going out of network means paying full (out of pocket) costs. HMOs are best for those who want little paperwork and lower costs.
Visit any doctor or medical facility within your network at any time without a referral. Occasionally, you need to handle a copayment or coinsurance, and if you go out of network, you pay the entire cost. An EPO is great for those who don’t mind a smaller network if it means avoiding referrals and paperwork.
Not sure which type or tier of Indiana medical insurance is right for you? Why not check out a comparison site to check monthly premiums and benefits? Compare Indiana health plans now so you can seize the best deal possible.
Why You Should Have Indiana Medical Insurance
There are millions of Americans who are uninsured. If you consider yourself healthy, fit, and young, you may find yourself wondering about the importance of individual health insurance. After all, if you’re not ill, why do you need to pay for services you’re not using? You might think skipping out on health insurance is a fantastic way to save money, but in reality, you’re only hurting yourself in the long run. It’s been proven that those who do not have health insurance get less quality care and also have a higher chance of bankruptcy due to medical bills.
Did you know that open-heart surgery costs around $324,000 in America? That’s over $2,000 a month to pay it off. Imagine adding that to car insurance or a mortgage or student loan payments! However, if you have health insurance, your policy will cover a majority of that massive bill, enabling you to pay off a much more affordable amount. Sometimes, you even get free preventative treatments and care, depending on the amount of coverage you purchase.
Better yet, having health insurance that is compliant with the Affordable Care Act (ACA) means you automatically get essential health benefits. Those core benefits include:
Some major medical plans also include additional benefits, such as covering female birth control. Yet, most ACA-compliant health plans do have limits. Things like male birth control and cosmetic surgery are considered nonessential and are not covered.
Short Term Health Insurance
Sometimes, you may need to enroll in short term health insurance. For instance, you may be out of work and unable to pay for COBRA, or you have returned from living overseas for a long period of time, or you are simply between school and work.
Indiana has recently changed its regulations for short term plans to match federal guidelines. You can now get a term of 364 days, as well as a total duration with renewal for 36 months (3 years). However, the state imposes some restrictions, such as a benefit cap of $2 million. You can also be denied for preexisting conditions.
What You Need To Know About Indiana Health Insurance
Indiana has around 6.5 million people. Only a small percentage of the population is enrolled in a Marketplace medical plan. The state has a federally run exchange, so you can either choose Healthcare.gov to enroll or you can use a comparison website to find a private insurance company.
Still considering whether or not purchasing Indiana health insurance is worth it? Then consider this: a single inpatient day in Indiana costs around $2,357. For one day. If you are part of the American population that has less than $1,000 saved up for an emergency, you are already in trouble. While Indiana individual health plans can be expensive, it is better to pay a monthly premium and to budget than pay thousands of dollars out of pocket all at once.
The average cost of health insurance in Indiana depends on your age and location and other lifestyle choices, such as smoking. Bronze level insurance runs around $270/month for a 21 year old and $346/month for a 40 year old. Silver plans average around $319 a month for 21 year olds, $408 for 40 year olds, and $866 a month for 60 year olds. Family size can also change how much you pay. A 40 year old couple pays around $816 a month, while a family of four (2 adults, 2 children) pay a monthly premium of $1,304.
Unemployed, Part-Time, and Self-Employed
The unemployment rate is surging around the United States presently, but that does not mean you have to be unprotected during these stressful times. Instead of enrolling in COBRA, you can seek out catastrophic level insurance or even find short term policies that meet your needs. Health insurance for unemployed people may even be cheaper than average if you qualify for a subsidy.
Are you self employed? You then count as an individual. In other words, Indiana’s health insurance for self-employed workers without any employees is the same as an individual policy. Those who work part-time and cannot qualify for employer-sponsored medical coverage may also enroll in an individual policy.
Differences Between 2020 Open Enrollment and 2021
In 2020, there were two carriers that offered coverage for individuals and families on the Marketplace—CareSource and Celtic. 2021 Indiana open enrollment will most likely feature the same insurers on the exchange, but you may be able to find other carriers elsewhere. Open enrollment for the 2020 season has ended, but the 2021 season is fast approaching; it begins November 1, 2020 and will end on December 15, 2020. Any coverage that you purchase within that time frame will begin on January 1, 2021.
One thing to keep in mind: rates in Indiana have climbed through 2019 into 2020, and it is estimated that 2021 rates will increase slightly. Fortunately, more than half of the population of the Hoosier state qualify for subsidies to make the cost of family health insurance and individual policies more affordable.
Did you know that if you have experienced a qualifying life event, you may be eligible for a special enrollment period (SEP)? If you lost your employer-sponsored health insurance, recently changed your address, gained citizenship, gave birth or adopted a child, you may be able to enroll during an SEP. You have 60 days from the time of the event to make use of the special enrollment period.
Keep Yourself and Your Family Protected
Healthcare comes at a cost, but going uninsured is even more expensive over time. In these times, knowing that your medical care is going to be covered is more than reassuring. It means you will receive quality care when you need it the most. Indiana has plenty of health insurance options, so start shopping around as soon as you can. Open enrollment begins soon.
AffordableHealthPlansUSA.com has a wide selection of health insurance providers for you to choose from. All you need is a zip code to compare Indiana health plans today!