Best Cheap Health Insurance in Indiana (2023)

The cheapest health insurance for people seeking a Silver plan in Indiana is the CareSource Marketplace Low Premium Silver plan, which is the most affordable Silver plan in all 92 counties in the state.

Indiana residents can find cheap health insurance on their state exchange, but the best plan depends on your medical condition, financial situation and the region in which you live.

Cheapest health insurance coverage by metal tier

The average health insurance premium in Indiana for a 40-year-old across all metal tiers is $460 per month. The average cost of coverage for 2023 is about the same as for 2022.

We compared Indiana plans by metal tier and identified the most affordable health insurance policy in the state for each level of coverage. There are three levels of coverage offered on the state marketplace, and we recommend using the table below as a baseline when comparing the different costs and benefits among metal tiers.

For example, the CareSource Marketplace Low Premium Silver is the cheapest Silver plan. It comes with a monthly premium of $377 for a 40-year-old, but it has a deductible of $6,500. On the other hand, the monthly premium for the cheapest Gold plan, the Ambetter Everyday Gold, is $524. But the Gold health insurance policy has a much more affordable deductible of $750.

The age of each person insured and the coverage tier are two important factors that affect your monthly premium. As your age increases, premiums across all metal tiers increase. For example, a 40-year-old would pay an average of $477 less per month than a 60-year-old for a Silver health plan in Indiana. But that same 40-year-old would pay premiums 28% more expensive than what a 21-year-old would pay.

How we made these picks.

Finding your best health insurance coverage in Indiana

The best health insurance in Indiana for you will depend on the county you live in, as the same policy may have different rates depending on your location. Your income will also play a role. Indiana expanded Medicaid under the Affordable Care Act (ACA), so you can qualify for coverage if your household income is up to 138% of the federal poverty level.

Gold is the highest tier, followed by Silver and Bronze. Premiums for Gold plans are more expensive than for Silver plans, but these policies offer much lower out-of-pocket expenses, such as deductibles, copays and coinsurance.

If you have high recurring medical costs, such as expensive prescriptions, or you think you may become sick, a Gold plan may be the most cost-effective option for you. On the other hand, if you are young, healthy and have no expected medical costs in the near future, a lower-tier plan will keep your monthly premiums low while ensuring you have coverage in case of any medical emergencies.

Gold plans: Best for high expected medical costs

The cheapest Gold plan in Indiana is the Ambetter Everyday Gold. Compare all tiers in the state above.

If you use or expect to use your insurance often, Gold plans will typically offer you the best balance of costs since they tend to offer lower deductibles and copays. This will offset the higher monthly rates you can typically expect to pay for Gold policies. Ultimately, these health plans are best if you have high expected medical costs, such as chronic conditions that may require regular medical attention, or you're concerned about being able to pay out of pocket for an unexpected situation.

Silver plans: Best for people with a low income or average medical costs

The cheapest Silver plan in Indiana is the CareSource Marketplace Low Premium Silver. Compare all tiers in the state above.

Silver plans are a good balance between the higher monthly premiums of a Gold plan and the higher out-of-pocket costs of Bronze plans. If your household income falls between 139% and 250% of the federal poverty level, you can qualify for cost-sharing reduction (CSR) subsidies, which would lower your out-of-pocket expenses even more. Typical Silver plans cover about 70% of your health care costs, while you pay 30%. With CSR subsidies, you could qualify for a Silver plan that covers up to 94% of your health care costs.

Bronze plans: Best for young, healthy people

The cheapest Bronze plan in Indiana is the CareSource Marketplace Bronze. Compare all tiers in the state above.

Bronze plans offer lower monthly premiums compared to Silver and Gold plans. However, they come with lower coverage, meaning higher out-of-pocket costs like deductibles, copays or coinsurance. This means if you need medical care during the year, you would have to pay more money before coverage kicks in. We don’t recommend these policies unless you can afford the higher deductibles, copays and coinsurance in case of a medical emergency.

Short-term health insurance in Indiana

In Indiana, short-term health insurance is available. The state allows plan terms of up to 364 days with a maximum of 36 months if you choose to renew.

Short-term health insurance may be an option for coverage if you are currently between jobs or missed open enrollment. However, in Indiana, these plans aren't required to cover the essential health benefits laid out in the Affordable Care Act. If you buy a short-term plan, you likely won't get any coverage for preexisting conditions or the essential health benefits.

Best cheap health insurance companies in Indiana

There are currently four health insurance companies on the Indiana state exchange. These issuers are Ambetter, Anthem Blue Cross and Blue Shield, CareSource Indiana Inc. and US Health and Life Insurance Co.

We recommend starting your search with CareSource since it offers the cheapest Silver plan in every county in the state.

Cheapest health insurance plan by county

We compared the most affordable Silver policies available on the state exchange by county to help you get started on your search for the best health insurance plan in Indiana. The table below shows which policy has the best rates for your county, as well as sample monthly premiums for an individual, couple and family of three. For 2023, the cheapest Silver plan is the same in every county.

Average cost of health insurance by family size

The cost of health insurance for your family in Indiana will largely be affected by the tier and health plan you select, the number of people covered and their ages. Adding children to your health insurance plan will cost a flat rate for coverage until they are 15 years old. When they reach age 15, the monthly rate will increase as they grow older.

For example, the average monthly premium on a Silver plan for a family of three, assuming two 40-year-old parents and a child, is $1,103 in Indiana. If you were to add another child to the plan, the monthly premium would increase by $254. For a family of five, the average total monthly health insurance rate would be $1,611.

Health insurance rate changes in Indiana

Health insurance policy premiums are set by insurers on the marketplace, then sent to the Indiana exchange for approval. Between 2022 and 2023, the average cost of health insurance across all plans in Indiana did not change. The cost of a Bronze plan increased by 2%, while the cost of a Silver plan decreased by 2%. The cost of a Gold plan stayed approximately the same.

Methodology

Rates and health insurance policy information for Indiana were sourced from the Centers for Medicare & Medicaid Services (CMS) government website. The data used in this analysis was based on the CMS public use files (PUFs). ValuePenguin then calculated the average premiums across metal tier, age, family size and county. Plans and providers for which county-level data was included in the CMS Crosswalk file were used in our analysis; those excluded from this data set may not appear.