The Cheapest Indiana Health Insurance for Individuals and Families
The cost of health insurance in Indiana’s private market will depend on how much you want to be covered. Indiana residents can choose between varying degrees of monthly premiums and out-of-pocket costs with four tiers in place, with the Silver tier providing the most balance. The cheapest Silver plan — CareSource Marketplace Low Premium Silver — is offered by CareSource, costing an average of $453 per month for a 40-year-old.
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Health insurance plans often come from employers or the government — but those who don’t have this option can turn to the Indiana insurance exchange.
Note that cheaper plans tend to come with higher deductibles and out-of-pocket maximums in the private health insurance marketplace. MoneyGeek identified the most affordable health insurance in Indiana for varying ages and plan types to help you make the best decision for your needs.
The Cheapest Health Insurance in Indiana by Metal Tier
In the private health insurance market in Indiana and elsewhere, plans are divided into metal tier systems. These plans determine the split between medical expenses that an insurer covers and that the policyholder covers, along with the monthly premiums and out-of-pocket maxes.
The state of Indiana has four tiers: Bronze, Expanded Bronze, Silver and Gold. Using a sample profile of a 40-year-old, the companies offering the cheapest plans for each tier are:
- Bronze: The Ambetter Essential Care 1 (2021) plan by Ambetter from MHS costing an average of $395 per month
- Expanded Bronze: The CareSource Marketplace Bronze plan by CareSource, costing an average of $376 per month
- Silver: The CareSource Marketplace Low Premium Silver plan by CareSource, costing an average of $453 per month
- Gold: The Ambetter Secure Care 5 (2021) plan by Ambetter from MHS, costing an average of $609 per month
Note that the Bronze plan is more expensive than the Expanded Bronze plan — exceptions such as these can happen in certain markets based on several factors. Additionally, while Gold plans may be the most expensive, they regularly pay the most for those who have high medical costs.
Look at the table below to find the cheapest plan by the monthly premium for each metal tier. Note that premiums, deductibles and out-of-pocket maxes in the Indiana marketplace and any state depend on each tier.
For residents with low income, health insurance in Indiana is still accessible through cost-sharing reductions (CSR). However, note that these are only available for those applying for Silver plans. CSRs can even give you Gold-level coverage for a Silver-tier price, making them a far more cost-efficient option for low-income people.
MoneyGeek collected data on plans using a sample profile for a 40-year-old male for all types of plans in Indiana — namely, HMO, EPO and POS, with the most common type being HMOs.
Cheapest Health Insurance in Indiana by Metal Tier
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- Metal TierPlanCompanyMonthly CostOOP Max
- BronzeAmbetter Essential Care 1 (2021)Ambetter from MHS$384$8,300
- Expanded BronzeCareSource Marketplace BronzeCareSource$325$8,550
- SilverCareSource Marketplace Low Premium SilverCareSource$391$8,550
- GoldAmbetter Secure Care 5 (2021)Ambetter from MHS$584$6,300
The Cheapest Health Insurance in Indiana by Age and Metal Tier
As you age, the likelihood of needing medical care increases, which is why monthly health insurance rates rise each year. Case in point, a Silver HMO plan in Indiana for a 26-year-old costs an average of $363 per month, while it costs around $962 for a 60-year-old.
Health Insurance Costs in Indiana by Age and Metal Tier
Age is one of the many factors that affect your monthly premiums. While this may make Bronze or Expanded Bronze tiers tempting, remember that while the monthly premiums are low, the deductibles and out-of-pocket maxes are high, which can be disadvantageous if your medical costs are higher.
The average costs MoneyGeek gathered from the Indiana health insurance marketplace are based on sample profiles of various ages and counties — but note that these numbers can change for you. Your age and income combination and your unique situation can qualify you for tax premiums or cost-sharing reductions. However, you won’t know your exact quote until you apply for a plan.
The table below can help you see the costs of different metal tiers for different ages. If you’re having trouble figuring out what metal tier to buy, read our guide on health insurance in Indiana.
Cheapest Health Insurance in Indiana by Age And Metal Tier
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- PlanCompanyMonthly Rate
- BronzeEPOAmbetter from MHS$274
- BronzeEPOAmbetter from MHS$286
- BronzeHMOAnthem Blue Cross and Blue Shield$334
- Expanded BronzeHMOCareSource$232
- Expanded BronzeHMOCareSource$243
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The Cheapest Health Insurance in Indiana by County
Location is a significant factor that can affect your premium — not only does it vary from state to state, but each state also divides itself into rating areas that insurers use to calculate premiums.
Indiana has 17 rating areas and 92 counties, with the most populous county being Marion County. The cheapest Silver-tiered plan in this county for a 40-year-old is the CareSource Marketplace Low Premium Silver by CareSource, with an average monthly premium of $433.
The table below can help you find the cheapest plan in your Indiana county for all metal tiers.
Plans are based on a sample profile of a 40-year-old male who lives in Indiana purchasing a health plan in each county.
Cheapest Health Insurance Plans in Indiana by County
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- Metal TierCompanyCheapest PlanMonthly Premium
- LakeBronzeAmbetter from MHSAmbetter Essential Care 1 (2021)$397
- LaPorteBronzeAmbetter from MHSAmbetter Essential Care 1 (2021)$397
- PorterBronzeAmbetter from MHSAmbetter Essential Care 1 (2021)$397
- ElkhartBronzeAmbetter from MHSAmbetter Essential Care 1 (2021)$416
- KoscluskoBronzeAmbetter from MHSAmbetter Essential Care 1 (2021)$416
The Cheapest Health Insurance in Indiana With High Out-of-Pocket Maxes
Younger individuals living in Indiana may opt for a low-cost plan with high out-of-pocket maximums. While this can help with extreme medical bills in case of an emergency, note that you’ll still have to pay a significant amount out-of-pocket due to the high deductibles that come with low-tiered plans.
CareSource’s CareSource Marketplace Bronze is the best health insurance in Indiana for those looking for low-cost, high out-of-pocket maximum plans. This costs an average of $260 per month for a 26-year-old. MoneyGeek considers a high out-of-pocket maximum to stand at $8,250 or higher.
The most affordable health insurance in Indiana for those looking for a plan with a high out-of-pocket max is from CareSource. Their CareSource Marketplace Bronze plan falls within the Expanded Bronze tier, which gives a good amount of coverage for those who have or expect only minimal health expenses but still want protection.
The Cheapest Health Insurance in Indiana With Low Out-of-Pocket Maximums
Individuals with higher medical costs due to frequent doctor visits or many prescriptions may benefit from a higher premium plan with a low out-of-pocket maximum. As a result, they can get covered by the insurance company sooner.
Ambetter from MHS offers the cheapest plan with a low out-of-pocket maximum. Its Ambetter Secure Care 15 (2021) is an EPO that costs an average of $597 per month for a 40-year-old.
MoneyGeek considers a low out-of-pocket maximum to fall under $4,250. In Indiana, however, the plan with the lowest out-of-pocket max and cheapest premiums in the state is the Ambetter Secure Care 15 (2021).
Ambetter from MHS
Ambetter from MHS’s plan falls under the Gold tier, the highest one in the state. While this costs more monthly, those with extensive medical expenses can benefit the most from these as insurers can cover costs sooner once the out-of-pocket maximum is reached.
Cheapest EPO/HMO/POS Health Insurance Plan in Indiana
There are a variety of healthcare plans available on the Indiana market — EPO, HMO and POS. Health maintenance organization (HMO) plans are the most common and are cheaper than other types. However, as those with HMO plans have to stick with the network provider and need a referral to see a specialist, there are limitations.
Exclusive provider organization (EPO) plans, on the other hand, are similar to HMOs in that you have to stick to your network provider. However, you don’t always need a referral to see a specialist. Finally, point-of-service (POS) plans are the most flexible option in the state, as you can get coverage in and out of the provider network — just note that out-of-network services will cost more.
The most affordable health insurance in Indiana for all plan types within the Silver tier are the following:
- HMO: The CareSource Marketplace Low Premium Silver by CareSource, costing an average of $391 per month for a 40-year-old
- EPO: The Ambetter Balanced Care 29 (2021) by Ambetter from MHS, costing an average of $435 per month for a 40-year-old
Cheapest Plan in Indiana With an HSA
Even if you’re in good health, it pays to have some form of coverage in case of an emergency. Individuals who only do routine checkups and are in good health can consider Health Savings Accounts (HSAs). These are cheaper plans that can help you build pre-tax savings for medical expenses. Money contributed to an HSA can also be used for non-medical-related costs, minus the tax-free perk.
The most affordable health insurance in Indiana with an HSA option for a 40-year-old is:
- Expanded Bronze: The CareSource Marketplace HSA Eligible Bronze by CareSource with an average monthly premium of $360.
While this plan lets you have pre-tax savings, the downside is that they come with high deductibles. This means your savings can take a hit if you have high medical costs.
What to Know About Health Insurance in Indiana
MoneyGeek gathered rates and data straight from Indiana’s private Health Insurance Marketplace — but note that these numbers can change for you once you apply due to several deciding factors. For example, lower-income residents or seniors in Indiana may also qualify for Medicaid or Medicare, which are more affordable options than what’s on the marketplace.
Private Health Insurance on the Indiana Marketplace
In any state, health insurance plans in the private marketplace are broken up into tiers. These tiers determine the health plan’s actuarial value, which is the split in costs between an insurer and a policyholder.
There are four metal tiers in Indiana. As you go up, each tier has increasing premiums and decreasing deductibles along with its own set of benefits. This includes the following:
- Bronze: This tier has the lowest premiums but comes with the highest out-of-pocket maximums. It best suits those who are in good health but are still looking for minimal coverage. Note that you will still have to pay for most of your routine medical care costs, but this is still a good option in case of medical emergencies.
- Expanded Bronze: The Expanded Bronze plan costs a little more than the Bronze plan but has slightly lower out-of-pocket expenses. It also has more benefits, as this plan must cover at least one “major medical service” before the deductible is met. This can include emergency services or laboratory services.
- Silver: The Silver tier is the most balanced plan in terms of monthly premiums and out-of-pocket expenses, where the split between the insurer and policyholder is 70/30. Indiana residents who qualify for cost-sharing reductions can benefit the most from this plan, as it can help reduce the cost of the plan and give them ample coverage.
- Gold: Gold plans are the most expensive but provide the most benefits. While the monthly premiums are costly, the out-of-pocket deductibles and maximums are low. This suits those who frequently visit the doctor or need prescription drugs, as your medical costs can get covered sooner once you reach the low maximum.
Your unique situation, age and income can still affect the price of your plan and even increase your coverage. For example, suppose your income falls between 100% and 400% of the federal poverty level. In that case, you may qualify for premium tax credits, refundable credits that help cover premiums from plans purchased in the Indiana Health Insurance Marketplace.
For instance, a two-person household in Indiana making between $17,420 and $69,680 a year would qualify for premium tax credits. To find out if you are eligible and how much you can save, check out Healthcare.gov’s calculator.
There is a period where you can enroll for new healthcare plans in Indiana’s private market — this typically falls between November and December. However, with the pandemic, enrollment dates have expanded to provide more flexibility.
Residents making between 138% and 250% of the federal poverty level, or $24,040 and $43,550 per year, are eligible for cost-sharing reductions. These can significantly reduce the cost of Silver plans, as they lower the deductibles, copayments or coinsurance and out-of-pocket maximums.
Medicaid in Indiana
Medicaid is a great option to have free or cheap health insurance if you’re eligible. As Indiana is a Medicaid expansion state, you can qualify for this if your income is below 138% of the federal poverty level. Indiana’s Medicaid page details who is eligible and what their income level should be to qualify.
Medicare in Indiana
Some Indiana residents may be eligible for Medicare — namely, those aged 65 and older or those with a qualifying disability or illness. Medicare is a federal government assistance program that can help reduce healthcare costs.
Medicare can help cover certain medical services and has three parts:
- Part A: This covers in-patient hospital stays and other stays at care facilities, such as hospices or nursing facilities.
- Part B: This pays for outpatient-related services, such as doctor’s visits or preventive services.
- Part D: This helps with the payment for prescription drugs or vaccines.
Expert Advice: Finding Affordable Health Insurance in Indiana
- How do I take advantage of cost-sharing reductions and tax credits for health insurance in Indiana?
- Outside of plans on the health insurance exchange, where else can I get health insurance in Indiana?
Associate Professor of Business Economics at Indiana University
MoneyGeek's research is based on estimates, and the cheapest plan for you will depend on your individual needs and characteristics. This analysis is intended to serve as a guide and no single plan is guaranteed to be the cheapest in Indiana for you
MoneyGeek collected plans and premiums for health insurance in Indiana from the Health Insurance Exchange Public Use Files (Exchange PUFs) for all available metal tiers and across several age groups.
Health insurance premiums on this page are an estimate and exclude potential premium tax credits and cost-sharing subsidies that users may be eligible for.
About the Author
- Medicare. "What’s Medicare?." Accessed January 16, 2021.