Three insurance carriers participated in Indiana’s exchange last year, offering 278 plans – though not all plans were available in every part of the state. This year, there will be nine insurance carriers offering 975 plans.
Indiana Department of Insurance general counsel Tina Korty said that’s one of the largest increases in the country. She said one of the reasons for the rise in carriers is that many insurers were waiting to see what happened in the first year of the Affordable Care Act.
“We also have some smaller providers who are coming in to provide to a few counties, but I think it’s a good sign for Indiana that we have many additional companies,” Korty said.
A federal court last month ruled that consumers who purchase insurance through federally-run exchanges – like Indiana’s – could not receive tax credits that lower the cost of the plans.
The same day, another federal court upheld the credits. Korty said those conflicting rulings could cause some Hoosiers to avoid purchasing insurance at all in the upcoming enrollment period.
House Ways and Means Chair Tim Brown said he’s still not comfortable with Indiana running its own exchange.
“Until we have some assurance at the federal level that their tech part is okay, that would put high risk to us at the state,” Brown said. “I think I’d like to go through another cycle to see how they do.”
Korty said the state expects the average cost of insurance plans in the exchange to go up 3 to 5 percent this year.
The next enrollment period opens November 15th.