Top Ten Tips To Get The Best Healthcare For The Lowest Price

Get the best healthcare for the lowest price. That's what we would all like to do. Affordable health insurance from top-rated companies is possible. Our Top-10 tips will hopefully make it easier for you to find quality medical coverage.

Utilize the free services of an experienced broker/agent. Believe me, it will save you time and money (and frustration), as you compare the best plans online in minutes and receive clear unbiased advice. The broker should represent multiple carriers, not just on company.

If your household income is under $95,000, you may be eligible for a federal tax subsidy during Open Enrollment later this year (October). This tax break could easily save you thousands of dollars each year so don't leave it on the table. Also, if your income exceed what you projected in the previous year, you may have to pay some of your tax credit back to the IRS.

Consider buying policies "outside of the Exchange." If you don't qualify for federal tax credits, it may be worth considering. Anthem and other carriers are expected to offer options that re not officially part of the new Marketplace.

The Bronze medal plan will be the least expensive policy offered in every state. Yes, you do have to pay the highest projected percentage of your expected expenses (40%). However, if you are in excellent health, it will save you thousands of dollars each year. If your health suddenly changes, you can switch to a different policy during the annual Open Enrollments.

Baby Well-Checks Are Covered at 100%

Remember that most preventive services are free. You don't have to wait 30 days or meet a deductible. Regardless whether it is a child or an adult, there are may benefits that can be utilized, and all are designed to keep you in good health!

Don't be afraid of higher deductibles. Yes, a $10,000 deductible is very high, but a $5,000 deductible, compared to a $1,000 or $2,500 option is likely to save you premium dollars over the length of time you have coverage. Review the differences, understand the risk and you will be rewarded.

Eat your vegetables. Sorry. I had to slip that in there. I can't tell you how many times I was told that, so I had to mention it. And admittedly, I hate broccoli.

Negotiate with your provider. Yes, you can do that. For example, if you have an MRI scheduled at a hospital, the retail cost could easily be in the $3,500 range. Your insurer's provider discount could reduce that amount to about $1,500, which is still a large amount, especially if it is subject to a deductible.

Your next step is to locate a stand-alone facility (make sure it's reputable) and request their pricing. You may be shocked to learn that your MRI may only cost $500-$900, including the reading. Assuming it's the exact same MRI, that's a lot of savings.

Join a Fitness Club, YMCA or other exercise-related facility. Many insurers will pay for up to 25% of your annual membership fees every year. Although, the annual reimbursement is often capped between $250 and $500, it's free money to you!

Don't be afraid to change policies during Open Enrollment. As your personal medical profile changes, you may need to adjust the type of benefits you have. You don't want to pay for benefits you don't need, but you also don't want to miss adding benefits that you can utilize.

Who Are The Best Health Insurance Companies In Ohio?

Finding the best health insurance companies in Ohio depends on the criteria that is used. Lowest rates? Fastest at paying claims? Quickest to approve policies? Cheapest Exchange options? Most physicians and providers in their network? And I could probably add about 50 additional factors.

Since I have been a broker for more than 33 years, my insight may be better than most others. I will offer you my unbiased opinions and ratings regarding different sets of criteria. As you will see, there is clearly more than one correct answer since there are many reputable and reliable Ohio health carriers.

Lowest Rates

Actually, it depends what part of the state you live in and the type of policy. But generally, Medical Mutual has very strong prices in the Cincinnati area for most types of plans. In the Central part of the state, including Columbus and Dayton, Medical Mutual, Anthem And UnitedHealthacre (Golden Rule) have solid rates. UHC is especially strong in Franklin county.

Preventive Care Is Covered at 100%

In the northern portion of the state, including Cleveland, Akron and Canton,  any of the three carriers previously mentioned will be in the mix. Kaiser and SummaCare would also have to be considered. Having the Cleveland Clinic in close proximity probably helps area prices.

Healthspan is offering plans on the Exchange and can be considered in the upper half of the state. But they also are offering competitive prices south of I-70, assuming your physician is a member of their Network.

However, for temporary plans anywhere in Ohio, UnitedHealthcare is usually the best choice. Underwriting is quick (less than 24 hours) and completing the application takes less than 20 minutes. These policies are not ACA-compliant, so you may pay a special tax at the end of the year if you did not secure alternative coverage.

HSA prices are typically the lowest with Medical Mutual or Anthem. Humana, however, has a low-priced Silver Metal plan that can be purchased on the Exchange. In most areas of the state, it is one of the best HSA options offered.

Best Plans

Getting a great price is always preferred but if your coverage is lousy and simply excludes all the benefits you need, it's not a very attractive situation. Fortunately, all non-temporary policies will pay for your qualified preventive benefits. Not just 80%. But 100% with no waiting period or deductibles to meet. This feature was  enacted as part of  "The Affordable Care Act," and will continue in 2014 and beyond.

The extent of your office visit and prescription coverage depends on the policy you select. Many plans offer unlimited visits (specialists included) with small copays. Other less expensive plans will cost less, but cap the number of covered visits to three or four (and sometimes two). But the savings often makes theses types of offers a "good deal." If you make the wrong decision regarding the selection of plans, an Open Enrollment allows you to switch coverage regardless of any health issues.

The HSA

An Ohio HSA is always an option that should be considered if there are relatively few (and minor)medical conditions, and you don't have a history of over-utilizing your healthcare coverage. Although the risk exists of high out-of-pocket costs if you suddenly need some expensive treatment, it is often offset with the savings accumulated inside the policy from previous years.

Ohio HSA Rates Are Very Low

Just as importantly, you have a "friend" that is looking out for you by negotiating substantial discounts/repricing on the services you receive.  And the savings is not going to be minuscule. Expect major savings from your friend...the insurance company!

For example, suppose you needed physical therapy for a shoulder injury. Typically, there would be an initial consultation followed by two-eight weeks of treatment, depending on the severity of the injury.Every hour of treatment would cost approximately $500-$900, depending on the facility.

With an HSA, your insurer would authorize approximately 50%-60% of that amount so your obligation would be heavily discounted. This type of plan will be very popular with the Ohio Health Insurance Exchange (Marketplace) in 2014. The only variable will be which carriers choose to participate and which ones elect to sit out.

Summary

As you may have surmised, the question of "who is the best" does not have just one answer. If you're single and living in Akron, it may be one answer. If you're married with children (No...Not the TV show!)and living in Portsmouth, it may be another carrier. Each situation is different. Only an experienced broker and their website can determine which Ohio health insurance companies are best for you. And that's what counts.