Indiana
Disability Insurance

Everyone deserves the opportunity to protect their quality of life and their future, and with disability insurance you can. You can think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury. We’ve laid out the cost-of-living analysis in Indiana to show you the average expenses in the state and why d

How much does it cost to live in Indiana?

Living in Indiana is less expensive than living in the United States on average. According to Bureau of Economic Analysis data, goods and services in the state cost 10.7% less than they do on a national level. Indiana has the 12th lowest overall cost of living when compared to all other states. There are 12 metropolitan areas in Indiana.

The Bloomington metro region is the most expensive in the state, with costs that are 8.3% lower than the national average and 2.4% more than the statewide average.

Cost of Living Parameters

Housing & Rent

When compared to the national average, Indiana's housing prices are considered fairly affordable, with the average home costing $194,174. According to the National Association of Realtors, this is less than two-thirds of the national average home price of $408,000.

In Indiana, there are over 2.9 million housing units, with around 69.1% of them being owner-occupied, compared to the national average of 64 percent. The median mortgage and rental costs for Indiana are shown here, based on data from the American Community Survey (ACS).

And some stats on Indiana Mortgages:

  • Homeownership rate: 73.9%
  • Homeowner vacancy rate: 0.8%
  • Rental vacancy rate: 6.4%

Childcare

Many families earning the state's median income cannot afford to send their child or toddler to child care. Child care costs can take up to 18% of a family's income in some jurisdictions. Here’s the annual child care cost in the State of Indiana as per the Economic Policy Institute:

In Indiana, the average yearly cost of Child care is $12,612—that's $1,051 per month. Child care for 4-year-old costs $9,557 per month, or $796. In terms of the most expensive newborn care, Indiana ranks 18th out of 50 states and the District of Columbia.

Here’s a look at the annual childcare costs from infant to college:

  • Infant: $12,612
  • 4-Year-Old: $9,557
  • School: $7,081
  • College: $9,038

Utilities

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A North Carolina resident can expect to spend up to $395 per month on apartment utilities on average.

Food & Groceries

Indiana's average grocery and food costs are $273.58 per person, per month.

According to the BEA, the average Indiana resident spends approximately $3,283 per year on food and grocery (non-restaurant). This equates to a monthly grocery expenditure of approximately $273.5

When compared to the rest of the country, a decent meal in Indiana is not expensive. According to MERIC data, Indiana is one of the top five most cheap states for food, following Arkansas by slightly.

Even within the Great Lakes region, Indiana scored third out of five states, exactly in the middle of its region, which is still a rather decent result for a region that ranks well in terms of food expenses overall.

The average price for eating out would be:

  • A basic meal with a drink at an inexpensive restaurant: $49
  • Fast Food Combo (Big Mac etc.): $8
  • Bottle of Coca-Cola : $2,33
  • Bottle of Water: $1,41

Grocery shopping in the state would cost as follows:

  • Milk (regular), (1 liter):$0,67
  • Loaf of Fresh White Bread (500g): $2,30
  • Rice (1 Kg): $2,98
  • Eggs (regular) (12):$1,59
  • 4 Rolls of toilet paper: $3, 52
  • Hair Shampoo: $4, 03

Transportation

91.8 % of commuters in Indiana drive to work, compared to 85.5 % nationally. The average motorist in the state drives 12,275 miles per year. Taking average fuel economy and average gas prices into account (standard fuel costs an average of $2.15 per gallon in Indiana in mid-2020), the average motorist in the state may expect to spend $1,091 on gas alone in a year.

The annual transportation fee of a Family is $13.549 which is more expensive than the annual transportation cost in the US.

Average Income & Taxes

The average yearly income of a single adult living in North Carolina is $33,781 and the estimated state income tax is %3.23.

Most Expensive Indiana Cities to Live in

  • 1- West Lafayette
  • 2- Bloomington
  • 3- Indianapolis
  • 4-Madison
  • 5- Speedway

Why is disability insurance important to have in Indiana?

As shown by the above cost of living study, a steady income is required to live comfortably and worry-free. Whether you work full-time or as a freelancer, getting disability insurance is the first step towards financial stability.

What would happen if you found yourself unable to earn a paycheck because you were too ill or injured to work? According to a recent survey conducted by the personal financial website Bankrate, more than half of Americans (51%) have less than three months' worth of emergency funds.

Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that 62.1% of bankruptcies were caused by medical issues. Other studies show that over 2 million people are adversely affected by their medical expenses.

If medical bills start piling up, you’ll no longer be able to support your lifestyle in other areas as well, especially if your income is on hold. You might find yourself unable to pay for utilities and rent, and that eventually could lead to foreclosure. Half of foreclosures on conventional mortgages in Indiana are caused by the disability of one of the homeowners. In fact, the foreclosure rate in Indiana is 0.9% as per the latest stats

A lot of people still think that the need for disability insurance is not top priority, thinking that disability rarely happens, and when it does, it’s only caused by serious accidents. But did you know that up to 90% of disability cases recorded are due to illness, not injury?

With that being said, getting a private disability income insurance should be on top of your to-do list because life is unpredictable but your income shouldn’t be.

Does Indiana have state disability insurance?

Only 5 states in the U.S. require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Unfortunately, Indiana isn’t one of those states.

If you live in Indiana and the Social Security Administration (SSA) decides that you are disabled, you may be eligible for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) (SSI.) Despite the fact that these are also federal programs, each state administers portions of them on behalf of the SSA.

However, Your initial Social Security claim could be denied. In Indiana, around 68% of initial disability applications are refused.

What qualifies as disability in Indiana?

If you have disability insurance provided by your employer, make sure to double check the criteria in the agreement that qualifies you to receive disability benefits when you’re unable to work. Some of these criteria can include the following:

  • You are unable to perform the Substantial and Material Duties of your Regular Occupation as shown on the Schedule and;
  • You are under the Regular Care of a Physician appropriate for your disabling Sickness or Injury and;
  • There is no reasonable simplified worksite modification(s) which would allow you to perform one or more of the Substantial and Material duties of your regular job.

How can I easily get disability insurance in Indiana?

Seeking a private disability insurance policy is the easiest option in Indiana. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple, fast, and affordable. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times, so you can go from applicant to insured in no time.

Who qualifies for disability insurance in Indiana?

Most insurances are bought to protect homes, vehicles, and health, but our most valuable asset tends to get neglected: our income. 70% of working Americans live paycheck to paycheck, with little savings to buffer the financial burden of a disability that leaves them unable to work.

At Asteya, we offer 2 types of disability income insurance: Permanent Disability Income Insurance and Sickness & Injury Disability Income Insurance. Please visit asteya.world for more details on the eligibility of our product offering.

How much does disability insurance in Indiana cost?

Protecting your income shouldn’t be a luxury, so here at Asteya, we’ve created affordable and easy solutions that won’t drain what you’re trying to protect (your income!). Our prices start as low as:  

  • Permanent Disability Income Insurance: starting at $6.05/month
  • Long-Term Disability Income Insurance: starting at is $5/month

The bottom line

On average, living in the state of Indiana will cost you $3,174 per month, give or take – that’s a lot of expenses! You've invested a lot of time and hard work in building a life that works for you, and your hard work should not go to waste due to an accident or illness. That’s why you should protect your lifestyle and your income with DI.

If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider while thinking about it:

  • Asteya’s applications are 100% digital. We don't require blood tests or doctor's appointments, unlike other insurers and we'll just ask you a few minutes of questions to determine your best policy.
  • Get paid out directly on an approved claim and spend without restrictions once it's in your bank account.
  • We've made our Income Insurance as inclusive and accessible as possible. From corner store employee to corner office executive, our products were created to fit every budget and lifestyle.

How do I get disability insurance?

Get a quote from Asteya in seconds and go from applicant to insured in minutes