Cheapest (and Best) Health Insurance in Indianapolis, IN (2024)

Medical insurance costs will vary based on your location, age, plan type and coverage requirements. MoneyGeek evaluated Marketplace data to determine the most affordable health insurance providers in Indianapolis. We also looked at monthly premiums, claims denial rates, plan types and maximum out-of-pocket (MOOP) costs to find the best health insurance provider for specific populations.

It's best to shop around to find the best medical insurance plan for you since not all plan types or metal tiers are offered by every insurer. If only one company issues plans in your area, compare the available plans or tiers and choose the one that best suits your needs.

MoneyGeek evaluated plan options, cost and service quality to determine the best health insurance carriers in Indianapolis. US Health and Life ranked first overall, with a MOOP of 4,409 and an average monthly rate of $426 for a Silver plan. Anthem is our runner-up, with an average monthly premium of $440 and a MOOP of $4,333.

Although cost is important when choosing a health insurance plan, you should also consider factors such as customer service, plan options and cost-sharing choices in order to find the best health insurance.

MoneyGeek found that the best cheap health insurance in Indianapolis is from US Health and Life. The company has an average monthly premium of $426 and an average MOOP of $4,409 per year.

Your health insurance cost will depend on your location, as well as how you choose to divide medical expenses with your insurer. In general, policies with higher monthly premiums will have lower MOOP costs.

Although cheap health insurance can help you save on monthly premiums, it may not necessarily be the best option. If affordability is your priority, it's a good idea to familiarize yourself with the metal system the Marketplace uses and the tradeoff between premiums and MOOP costs. In addition, be sure to consider deductibles, copays and co-insurance to get the full picture of your costs.

With an average cost of $387 per month, Cigna offers the most affordable Silver premium in Indianapolis. The cheapest health insurance may not always be the best, but Silver plans are worth looking into if you want a cheap plan because they offer a good balance between cost and coverage benefits. They may also come with cost-sharing reductions depending on your eligibility.

The metal tier system includes levels Bronze through Platinum, with Bronze plans offering the lowest monthly premiums. However, they also come with higher MOOP limits, meaning you'll pay more out of pocket for everyday health care expenses. Catastrophic plans are even cheaper than Bronze, but they have age restrictions and offer limited coverage.

The table below shows the most affordable health insurance providers in Indianapolis across each metal tier with their average plan costs. We did not include Catastrophic plans because they are limited to buyers under 30.

The plan with the cheapest average premium for a Silver plan in Indianapolis is Cigna Simple Choice 5800 from Cigna at $385 per month. The following table highlights the most affordable plans by metal tier and their average monthly costs. Catastrophic plans are exclusive to buyers under 30 and were omitted from our ranking.

Age is a major factor when it comes to determining health insurance costs, regardless of where you live. Premiums increase as you grow older as your health care needs grow.

Aside from Catastrophic plans, which come with age restrictions, Bronze and Expanded Bronze plans usually offer the cheapest premiums. If you're thinking of going with a lower-tiered plan, it's important to make sure you're comfortable with the provider’s network to avoid paying out of pocket for out-of-network care.

The following chart lists some of the cheapest providers for Silver plans in Indianapolis.

Together, age and metal tier largely determine the cost of your health insurance plan. Your monthly costs will increase as you age and as you select higher metal tiers. The table below shows how the average cost of health insurance in Indianapolis changes by metal tier and age.

Health insurance can be expensive, but securing a health insurance subsidy can help you save on your monthly costs. Typically, you are eligible for a subsidy if your income ranges from 100% to 250% of the FPL. However, the American Rescue Plan Act and the Inflation Reduction Act revised the income limits for health insurance subsidies until 2025 so those making above 400% can also access them.

Medicare and Medicaid also provide affordable health insurance options for those who meet the requirements. If your age does not allow you to get Medicare, you can still consider Medicaid or the Children's Health Insurance Program (CHIP). Income requirements for these government-sponsored programs may vary across states.

MoneyGeek responded to some of the most frequently asked questions about finding medical insurance in Indianapolis to help you in your search.