Every year the individual health insurance companies are required to file next year’s rates and plan to the Indiana Department of Insurance for approval. The insurance department should finalize all 2023 fillings by Aug 18, 2022. The average increase individual marketplace increase is 5.7%
When the numbers are drilled down, some plans take a 34% decrease while others take a 24% increase. The 5.7% does not tell the whole story when it comes down to shopping for coverage.
Individual Indiana Health Insurance Plans and How They are Changing
1. Anthem will be offering 21 individual health plans in 54 counties
- Average rate increase: +.50%
- Minimum Decrease: -34.4%
- Maximum Increase: +5.80%
Last year, Anthem returned to the individual exchange market and partnered with the IU health system. The rate decrease should put them in a more competitive position. Name-brand carrier like Anthem has member support.
2. CareSource will be offering 13 individual health plans in all 92 counties.
- Average rate increase: +9.50%
- Minimum Decrease: -9.20%
- Maximum Increase: +24.7%
Caresource has been offered the lowest costing coverage with network access to multiple health care systems.
3. Ambetter (Celtic Insurance Company) will offer 30 individual health plans in all 92 Indiana counties.
- Average rate increase-2.10%
- Minimum Decrease: -14.6
- Maximum Increase: +12.2%
Ambetter still has the most extensive network access in Indiana for exchange plans.
4. Cigna will enter the Indiana individual exchange market for the first time.
With Cigna entering the market will open up additional options for Hoosiers. They will only be in 9 counties and offer 16 plan options. It appears in those counties, Cigna will have the lowest costing plan. It also seems that Cigna is partnering with the Community health network. We anticipate Cigna to provide a high level of customer service to members.
5. Ascension Personal Health (US Health & Life) will offer 9 plans in 30 Indiana counties.
- Average rate increase: +2.52%
- Minimum Decrease: -9.90%
- Maximum Increase: +16.10%
Ascension entered the Indiana individual market in 2022 for the first time. This plan has partnered with the Ascension health network AKA St. Vincents. For 2022, they did offer the best drug coverage through the Cigna pharmacy network. They have promoted integrated care through Ascension healthcare providers, which appear to have some success from a member’s experience.
Open Enrollment for Individual Indiana Health Insurance
For the 2023 open enrollment, Hoosiers will have up to five individual carriers to choose from. When shopping for coverage this year, things to think about
- Network Access- Individual carriers are creating narrow networks. Think about where you receive health care services.
- Cost- Premium assistance individuals will pay no more than 9% of household income for a policy. In this scenario, the difference in monthly premium between carriers can be a few dollars.
- Plan Design- Start with the out-of-pocket maximum and which path you could go to meet that number. Up front copays, Up front deductibles, etc. Call us, and we can explain.
- Carrier Customer Service- If you have had to call one of the exchange carriers for assistance, you may have had a horrible experience. This year there are name brand carriers that have established customer service departments.