Purchasing coverage online is typically the easiest and quickest way to secure coverage. Although there are many available websites that will offer instant quotes, finding the most reputable and Ohio-based site is a challenge. Ohioquotes.com, (located in the Cincinnati area) is perhaps the best resource.
With more than three decades of experience, direct pricing with no fees, and the best guidance and experience in the state, this website should be your first stop. You can find them here and can quickly request a quote of the most affordable plans in your area of the state.
Exchange Plans
When Exchange plans began offering benefits in 2014, a subsidy became available, depending on your income. The calculation of the subsidy and determination of which plan to choose will be decisions that you would want input from a broker. Although there are online calculators, other factors could have a big impact, such as change in income from one year to the next, and options "outside" of the Exchange.
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| Qualify For A Federal Subsidy |
Accurate calculation of the subsidy is extremely important. If you over-estimate your projected income, you're paying too much. If you under-estimate, you'll owe money back to Uncle Sam the following year. And since you must use your "Modified Adjusted Gross Income" (MAGI), the calculation is not as simple as you may assume.
The subsidy takes the form of an instant tax-credit, so it immediately reduces the premium. For example, if the monthly cost of your policy is $850, but you qualify for a subsidy of $7,200 per year, you'll only pay $250 each month. The assistance will continue every year until you become eligible for Medicare, Medicaid, or your income exceeds the benchmark income requirements for qualification.
Why Are Prices Lower Compared To Other States?
Before discussing where to find these inexpensive plans, let's explain why premiums are so low in the Buckeye state. There are actually a number of reasons. Although, on average, Ohio residents are fairly healthy, the main reason is that health care costs and associated prices for treating patients are less expensive than almost every other state.
Whether it's a routine office visit, trip to the emergency room, an MRI or an extended stay in a hospital, there's a good chance you'll pay less for your treatment here than in other states. And in some instances, substantially less since insurers offer large Network discounts for using their providers. Also, unlike many other states that feature only a few major companies, we have many large reputable companies that are all bidding for your business!
In recent years, HealthSpan and CareSource have begun offering coverage to single persons and families. Although their network provider list is not as large as Anthem or Medical Mutual, their pricing for 2014 and 2015 plans are very impressive. HealthSpan offers an HSA with a $3,000 deductible with no coinsurance that is very popular. CareSource may be lowering rates in 2015, although they still do not expect to gather a large market share in the state.
Low-Price Options
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| Many Cheap Health Insurance Plans In Ohio Are Available |
The cheapest medical plans are typically either short-term or catastrophic plans issued by a number of carriers. Some of the most popular insurers in Ohio are UnitedHealthcare (Golden Rule), Medical Mutual, Anthem and Aetna.
Humana and Healthspan are viable options in small areas of the state and Assurant has some very attractive high deductible plans. Molina is available in limited areas although it's possible they will be expanding in the next several years.
An important factor is the age of the person or family that is insured. There are tremendous differences in cost between persons their 20s and persons in their 50s or 60s. Also, until 2014, males and females paid different rates. Of course, this changed when ACA legislation began. And a smoker will pay about 20% higher premiums than a non-smoker. This will also apply on policies purchased off the Exchange.
So naturally, a non-smoker in their 20s can buy a reliable policy for as little as $75 per month. A smoking person in their 60s will pay four times that amount, assuming no conditions. If there are existing issues, the price difference could be greater (on short-term plans only). So the term "cheap" is actually relative to the person you are referring to! The Obamacare subsidy, however will lower your premium if you meet income eligibility, as earlier discussed.
Use A Broker/Website
The best solution is to let an experienced agent/broker help you find the best plans. You'll save time, frustration and some money. Calculation of your subsidy along with shopping for the best policy are jobs for professionals (who don't cost you any money). Experienced brokers and their websites will show you the cheapest available options here in Ohio.
You can also handle most of the enrollment process yourself, and simply use a broker (and/or their website) for reference and backup, if needed. Often, verifying a network provider, or calculating the accurate Obamacare subsidy are best handled by experienced help.
