Indiana is one of the handful of states that will have more than two options for a carrier this year. In addition, the health insurance rate increases its residents will face are also much lower than most of the other states. To help you make the wisest possible insurance-related decisions, use this guide to educate yourself more about the state’s coverages and the relevant changes that took place.
The state’s health performance: Another premiums-determiner
Yes, one of the first things an insurance firm looks at is your overall health when calculating your rates. However, they also use the overall health performance of the state you live in to determine your payments.
In the 2015 State Health System Performance that The Commonwealth Fund conducted, Indiana placed 43rd out of the 50 states and the District of Columbia. It received mostly threes, (Access, Prevention & Treatment, Avoidable Hospital Use & Costs), and fours in two categories (Healthy Lives, Equity). Below are some notable findings of the study:
Mortality amenable to healthcare: 91 out of 100,000 people
Breast cancer fatalities: 21.8 out of 100,000 women
Colorectal cancer fatalities: 15.4 out of 100,000 individuals
Percentage of adult smokers: 22%
Adult obesity: 34%
Obesity in children aged 10-17: 31%
The organization further charted the following statistical comparisons:
17% of adults (19 to 64 years old) don’t have insurance, compared with the national average of 15%
7% of children (infants to 18 years old) are uninsured, as opposed to the countrywide average of 6%
15% of the adult population chose not to obtain insurance due to the high costs associated with it
16% of adults had expensive out-of-pocket medical bills
Types of plans available and the portion the insurer covers
With your health insurance plan, you can expect your provider to cover a portion much bigger than your share when paying for medical and hospital bills. The exact percentage they will cover will depend on the type of metal plan you have though.
Bronze – 60%
Silver – 70%
Gold – 80%
Platinum – 90%
Statistically, the entire country experiences rate increases. The exact percentage differs from state to state though.
For this year, the United States Department of Health & Human Services has listed the following projected premium averages for this certain state:
Average lowest-cost, monthly premium within metal level: $351
Average net premium for lowest cost plan within metal tier: $135
Second-lowest silver before advance premium tax credit (for a 27-year old with a $25,000 household income): $229
Second-lowest silver after advance premium tax credit (for a 27-year old with a $25,000 household income): $142
Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $829
Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $405
Uninsured rating in the state goes down by more than 5%
All insurance companies factor in the uninsured rating versus its overall population when providing location-based quotes. The bigger the percentage is, the higher the premiums. Thankfully, the Hoosier State has seen a considerable reduction in this rating.
You’ll see these changes in a recent report that the U.S. Department of Health & Human Services published. According to it, IN, with an estimated population of 6,619,680 (2015, latest data1), had an uninsured rating of 9.6% in 2015; a drop of 5.2% from its previous rating of 14.8%. In other words, 339,000 individuals became covered by the end of 2015.
Getting sufficient coverage without reducing coverage
You don’t have to reduce your coverage just to have sufficient coverage. Doing so will just increase your risks of medical bankruptcy, especially with today’s extremely high medical and hospital costs. Just take the time to review your specific needs and your finances, and from there, you can determine which of the four metal tiers will best suit you.