Rising health insurance premiums in Ohio are a concern for most consumers that pay for their own medical coverage. As higher rates are starting to take their toll, many residents of the state are looking for options that will reduce prices, while maintaining existing benefits. But, affordable policies are available, and specific steps can be taken to reduce costs. Many of these recommendations can be implemented immediately.
We help you find and compare many low-cost plans that are rich in coverage, and may substantially reduce the amount you pay. If you don’t currently have insurance, some of these plans are great “starter” policies that will keep your premiums low. Increasing prices will continue, but here are a few steps you can take now:
- If you have been with the same insurance company for more than two years and you have no significant medical issues, it may be time to compare quotes from different companies. Remember…the quotes are always free and you do not have to accept an offer that is made to you. However, with annual Open Enrollments, you can shop, compare (and change) policies every year, if it’s cost-effective. Note: When terminating coverage and signing up with a different carrier, always verify your providers are “in-network.”
- Raise your major medical deductible. For example, by raising your deductible from $500 to $2,500, you could save $1,000 for an individual policy and more than $2,000 for a family policy. Assuming you don’t have many catastrophic claims, the total savings on your plan could be substantial. And over many years, the savings will be greater. If you remain in reasonably good health, the savings will continue each year.
- Consider an Ohio HSA (More Information Here). Premiums are 25%-50% less than traditional plans, and preventive benefits are not subject to a deductible. Naturally, there are many other factors to consider, and we’ll be happy to review your options. HSAs are a very popular form of affordable family health insurance. Your state and federal taxes will potentially reduce when you make contributions, although funds must be spent on qualified medical, vision, or dental expenses. Drugs must be prescribed and not over-the-counter.
- If your health has improved or you have stopped smoking since you purchased your policy, inquire about “changing your rate class.” It’s possible you may be able to reduce your premium. It might be only a few dollars but perhaps more. And you will not be putting existing coverage in jeopardy by making this request.
- Medical insurance for self employed persons can be very expensive. If you are the only insureds on a group plan, Ohio individual health insurance rates may be more affordable. However, individual plans may offer less coverage than your current group policy, especially if you need maternity or mental illness benefits.
More innovative options may have to be created in the upcoming years to compensate for some of the changes due to government legislation. Although tax incentives and credits may help low-income earners (and we applaud that), individuals and families in higher tax brackets (not the highest) will be facing some challenging financial decisions. We’ll be here to help find solutions.
Increasing health insurance costs in Ohio are one of our biggest concerns. We believe it’s important to carefully review all of your options and recommend specific plans that will allow you to stay within your budget. The plans are there, and our priority is to help you find them, explain to you the benefits and costs, and apply in the easiest way so you can obtain the policy.