The Cheapest (and Best) Health Insurance in Indianapolis, IN (2024)

Insurance rates are determined by several factors, including location, plan type and the policyholder’s age. MoneyGeek analyzed marketplace data to identify the cheapest health insurance companies in Indianapolis. But going beyond cost analysis, MoneyGeek also evaluated customer service ratings and the variety of plan options to provide a well-rounded investigation into every company.

CareSource is the only company that offers different plan types in Indianapolis. In this case, it’s best to choose the plan or tier that matches your needs.

When shopping for health insurance, it’s important to consider factors other than cost, such as plan options, cost-sharing choices and customer service. MoneyGeek examined insurance companies in Indianapolis according to these aspects and found that CareSource is the best company overall, receiving a score of 73 out of 100.

Below is a summary of CareSource’s key features. MoneyGeek also listed the best and cheapest health insurance in Indiana if you live elsewhere in the state.

Health insurance premiums differ by city and state and vary depending on how you share costs with your insurer. In some instances, the best insurance provider may not necessarily be the cheapest but will offer a balance of cost, service quality and plan flexibility.

Marketplace plans are available in several metal tiers: Bronze, Silver, Gold and Platinum – with lower tiers being the more affordable options. Some insurers also offer Catastrophic plans, which are typically the cheapest but reserved for low-income individuals under 30.

Catastrophic and Bronze plans are your best options if you want rock-bottom premiums. However, make sure they cover your health care needs. For more coverage, a Silver plan may provide the best cost-benefit ratio.

If affordability is your top priority, MoneyGeek suggests you study the marketplace metal system and the costs associated with each plan. These include your premiums, maximum out-of-pocket costs (MOOPs), deductibles, copays and co-insurance. Generally, plans with lower monthly premiums have higher MOOPs and provide minimal coverage for everyday health care.

In Indianapolis, a middle-of-the-road option between Bronze and Silver plans is available. They’re known as Expanded Bronze plans, which have slightly greater coverage than the Bronze options and allow at least one major service before you’ll be required to pay a deductible.

Aside from location, age is another key factor that drives health insurance costs. Insurance companies view older individuals as being riskier to insure due to their need for more medical care, and therefore, charge them higher premiums.

MoneyGeek’s chart shows how premiums vary based on metal level and age, on average.

Browse MoneyGeek’s summary table below to find the cheapest health insurance providers in Indianapolis per age group.

If you’re looking for the most affordable plan options, lower-tiered plans such as Bronze or Expanded Bronze are your best bet. However, make sure that your preferred physicians, hospitals and pharmacies are within the provider’s network before signing up to avoid extra out-of-pocket costs.

Family health insurance becomes more expensive as you add more people to your policy. Still, it’s cheaper to purchase a family health insurance plan than to insure each family member through separate policies.

Check MoneyGeek’s chart to see how average family health insurance rates in Indianapolis vary depending on family size and metal level.

A one-size-fits-all approach won’t work when it comes to health insurance because different people have different health care requirements. It’s important to find a balance between a plan’s coverage and costs with which you’ll be comfortable.

The first step in finding low-cost health insurance is to assess your health care needs and budget. If you require significant medical attention, a higher-tiered, more expensive plan might be cheaper in the long run since your out-of-pocket costs will be kept to a minimum.

Individuals who fall within specific low-income brackets may receive health insurance subsidies for marketplace health insurance, as well as Medicaid and the Children’s Health Insurance Program (CHIP). The income limits for health insurance subsidies in 2022 are at least 100% of the federal poverty level (FPL), up to over 400% of the FPL.

If your income makes you ineligible for a health insurance subsidy, you still have other options, such as Medicaid and CHIP. Note that to qualify for Medicaid, your income must be between 100% and 150% of the FPL, depending on your state.

When shopping for the best health insurance in Indianapolis, it is wise to weigh costs against service quality and plan flexibility. For example, if you require frequent care, lower-tiered plans with cheaper premiums might not be the most economical option for you since these provide limited coverage.

MoneyGeek addresses the most common questions about health insurance in Indianapolis to help you find the right plan for your needs.