Average Health Insurance Plan Rate In Ohio

We analyzed the health insurance policies all around Ohio and found out that the cheapest health policies in Ohio are CareSource Marketplace Low Premium Silver, Ambetter Balanced Care 29, and Constant Care Silver plans. But it is important to know that all of these insurances are not available in every city within Ohio, so the rates of these plans may differ depending upon where your residence is.

People living in Ohio can find cheap health insurance through places such as United Healthcare or Anthem, there is a wide variety of available options. The health insurance is given according to your income. The best health insurance will depend upon your budget and the cost expected. It is recommended to compare various companies before buying a plan for yourself.

We suggest using low-cost health insurance plans to start with to determine the costs and advantages you are expected to get from a given coverage’s metal tier.

The health insurance policies are divided into metal tiers, which depict the advantages and the expenses you would incur for that particular tier category. 

Our team has conducted extensive research on the affordable health insurance policies around Ohio for each tier and have uncovered the lowest cost health insurance plan options in order for you to get the best level of coverage at extremely affordable pricing.

Various factors contribute to the cost of medical coverage. The cost of health insurance majorly depends on the chosen tier and the age of an individual. People with older age face comparatively high premiums. 

A 60-year-old individual would be charged 112% higher costs for a health policy as compared to a 40-year old person, and it remains the same for all the levels of a health plan. Similarly, a 40-year-old person is charged 28% higher as compared to a 21-year old person. In 2020, the average price of an individual health plan for a 40-year-old person across all metal tiers of the plan is $495. 


Finding your best health insurance coverage in Ohio

The health insurance plan you choose is different depending upon the area where you live in Ohio. In order to choose the plan which is best for you, you need to take your salary and medical expenses into consideration, as it will affect the cost you would have to pay and the coverage required to fulfill your requirements.  

The metal tiers of higher-coverage are more and more expensive in regards to the premiums but lower-cost sharing is what makes them ideal for families with heavy and consistent health expenditures. 

In contrast, the lower-coverage metal-tier health policies have affordable rates but their high costs from pockets make them helpful only in case you are saving for an emergency and do not expect consistent high-cost medical expenditures 

Gold plans: Best for families with high or consistent medical expenses

Gold plan is ideal for the families that expect a time to time high medical expenditure. The gold health insurances have the most expensive monthly premiums but affordable out-of-pocket costs. 

This means that you would have to pay significantly less from your pocket before your health plan gives you coverage. This is the best pick if you have ongoing medications or illnesses. Someone in the family is suffering from a chronic disease or expects large medical expenses and you would like to have high but predictable premiums.


Silver plans

These kinds of programs are best suited for families that have low-income sources and don’t have excessive health expenses. The state of Ohio has enacted the Affordable Care Act and has expanded Medicaid. Due to this, the households whose income is 138% of the federal poverty level can avail of Medicaid. Therefore, families with income below the average level can choose the Silver Plan at affordable rates.

What’s unique about this plan is that it is the only plan whose policies are eligible for cost-sharing reduction subsidies, in case income is less than the preset limits. This plan is considered to be a more affordable medical insurance plan as compared to Gold plans. You may not need to save money apart from the insurance for your expenses.


Bronze/Catastrophic plans: 

Bronze plans are designed for young families who want to save and spend less. The basic criteria require an age less than 30 and you should qualify for specific exemptions. These plans offer lowest-cost packages and higher cost-sharing options.

However, Bronze health plans should not be your first choice when choosing insurance plans. If you are quite sure that you can afford out-of-pocket expenses while utilizing the plan, you can go for Bronze plans. The services will not be provided to you if you don’t qualify the limits of out-of-pocket deductibles and copays.


Health insurance rate changes in Ohio

The rates of health insurances, the costs, and out of pocket expenditures are analyzed every year by the health facility providers and then are submitted to federal regulators for approval

In 2020, the health insurance rates fell by 4% for all the metal-tiers of coverage. The price of bronze policy fell by the highest amount that is 7% or $26 per month. 


Best cheap health insurance companies in Ohio

There are 10 health insurance companies and two others with year over year policy on the Ohio state exchange. But not all the companies provide services in all the countries. So the best one will differ according to your location of living

  • Oscar Insurance Corporation of Ohio
  • Summa Insurance Company, Inc.
  • CareSource
  • AultCare Insurance Company
  • Oscar Buckeye State Insurance Corp.
  • Medical Health Insuring Corp. of Ohio
  • Ambetter Buckeye Community Health Plan
  • Molina Healthcare of Ohio, Inc.
  • Paramount Insurance Company
  • Community Insurance Company (Anthem Blue Cross Blue Shield)

To conclude, there are various affordable options available all around Ohio and residents can choose according to their requirements and budgets. Hopefully with information within this article will help you choose one to fulfill your medical requirements.


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