Indiana Health Insurance Rates
In Indiana there are plenty of health insurance companies available that are keen to take you on board. Whether you are looking for individual, self employed or small employer coverage, or even looking for group coverage for all your employees, there is always a policy that is affordable and offers you a minimum of coverage for all the needs that you have.
Is health insurance expensive?
Health insurance is usually expensive. Premiums have doubled over the last 10 years and so people are reviewing their options more often. It is definitely helpful if you are healthy and living a healthy lifestyle, and this might help give a reduction in your insurance premium. It becomes much more difficult when you have a chronic disease or illness and you need medication daily. Insurers might try to exclude you for certain medications or treatments, but particularly when you are part of a group insurance, the insurance company can never deny you coverage because of the illness. However, they might limit the annual coverage.
Insurance companies are not obliged to file their rates for health insurance with the insurance commissioner. This means that the rates are pretty opaque and often difficult to understand. The state of Indiana offers Medicaid, which is a basic medical service for those who cannot afford health insurance, like children, pregnant women and low income families. Medical care will cost a little or nothing at all. You can count on basic medical care for medication, dental and vision care, visits to general practitioners and regular check-ups.
But if you are a single person who has his or her own small business, then it becomes a whole different kettle of fish. A single woman who is not smoking and who is in the prime of her life (40s) can choose from at least 10 different insurers. And she can pay anything between $69 for short-term (2-6 months) coverage up to $480 per month. Insurers offer premiums with 20% to 25% co-insurance, and deductibles between 0 and $10,000 as a reward for being a non-smoker. It is worth your while to check all the policies online and to compare them to find the best buy. It might take you a good couple of days, but your health is worth a lot.
A family consisting of father, mother and 2 teenagers, where the father and the daughter smoke, have to pay anything between $168 and $1,660 per month (!) for health insurance. Some insurers ask co-pay sometimes up to $40 and most of them ask for co-insurance which can increase by as much as 40%. As both mother and son are non-smokers, they are eligible for deductions, which can be anything from $1,000 up to $10,000. Once again, also here it is worth your while to do your homework. All insurance companies in Indiana have their policies online and you would be able to compare them.
Group health insurance: A more affordable solution
A group health insurance might be a better solution. Although there are restrictions, like which doctors you could visit, maximum contributions to medication, etc, but at least your premium is much less, since both employer and employee contribute towards the medical aid. Due to the fact that more people are insured on the same policy, the risk for costs will be spread, and an insurer is able to bring down the costs and offer you a more affordable rate for health insurance.
Waiting time and rejection
If you are in between jobs, you have just lost your job, or you have just started a new job, then please make sure that you apply for health care insurance within 63 days. After 63 days you will have a waiting period before you are allowed to claim. A waiting period can be 2 months, but could be much longer as well. And when you have an illness that needs regular medication you might end up having to pay the full amount for that medication for a considerable amount of time. If you have applied for private health insurance, then the health insurer might reject you as a member due to your possible risk factor. However, when you join a company scheme then the insurer cannot refuse you and will have to accept your illness and the medication you need to use. Talk this through with the various health insurers and see what they can do for you and how keen they are to have you as their client.