Health Insurance Plans in Ohio

Eight health insurance companies in Ohio offer policies on the state exchange. Many residents choose Silver plans because of the balance they offer regarding the overall cost and out-of-pocket expenses. Plan availability depends on where you live, but Ambetter Balanced Care 5 and CareSource Low Premium Silver are the cheapest Silver plans for most Ohio residents. People who live in low-income households also might qualify for Medicaid or a cost-sharing reduction that makes health care costs even more affordable. Before you purchase a plan, compare cheap health insurance in Ohio by metal tier and learn more about coverage.

Cheap Health Insurance Plans in Ohio By Metal Tier

Insurance companies categorize health insurance policies by metal tiers. Ohio offers five metal tiers, which are Catastrophic, Bronze, Expanded Bronze, Silver, and Gold. When looking for cheap health insurance in Ohio, it’s a good idea to begin by looking at the most affordable plans by tier. The quotes for these plans are based on an average 40-year-old Ohio resident.

Market HMO Young Adult Essentials – Mercy is the most economical Catastrophic plan. The monthly premium is $211.53, and the deductible and the out-of-pocket maximum are $7,350.

CareSource Bronze is the most affordable of the Bronze health insurance plans in Ohio. This plan has a monthly premium of $244.07, a deductible of $7,250, and an out-of-pocket maximum of $7,350.

Expanded Bronze health insurance plans are also available in Ohio, with the Molina Marketplace Bronze Plan as the most affordable. It has a monthly premium of $252.76, a deductible of $6,400, and an out-of-pocket maximum of $7,350.

If you are looking for cheap health insurance in Ohio, you might want a Silver tier plan. Ambetter Balanced Care 5 is the most affordable of all the plans, with a monthly premium of $296.88 and a deductible and an out-of-pocket maximum of $7,350.

Gold plans are at the top of the metal tier system. Molina Marketplace Gold plan is the cheapest of the Gold plans with a monthly premium of $375.55, a deductible of $3,800, and an out-of-pocket maximum of $7,350.

As you age, you can expect to pay more for health insurance plans in Ohio. A 60-year-old Ohio resident will pay 112 percent more than a 40-year-old. If you are younger than 40 years old, your premiums will be significantly less. You can get a quote based on your age to determine how much you will have to pay.

Choosing Health Insurance Plans in Ohio

Health insurance companies in Ohio offer a variety of plans across the state. Some plans are only available in certain counties, but residents still have access to several metal tiers, regardless of their zip codes. If you are searching for cheap health insurance in Ohio, it’s critical to understand that plans differ depending on your needs. You have to consider your income and medical needs before deciding which plan will be the most affordable for you. Examine the metal tiers to get a better understanding of how to choose health insurance.

Gold Plans – Ideal for High Medical Costs

Many Ohio residents don’t want to get Gold health insurance plans because of the high premiums. The premiums are indeed higher than with other metal tiers, but the annual deductible is much lower. If you have a chronic health condition or take a lot of prescription medication, the lower deductible can actually save you a great deal of money.

Silver Plans – Ideal for Average Medical Costs and Low Incomes

Silver plans are a good option for people who want affordable premiums and reasonable out-of-pocket expenses. They are also ideal for low-income households. Cost-sharing reduction subsidies are available for low-income households that don’t qualify for Medicaid. These subsidies significantly reduce out-of-pocket costs. In fact, you can expect to pay less out-of-pocket for a Silver plan than you would a Gold plan if you qualify for one of these subsidies. If you aren’t sure if you qualify, speak to an insurance agent.

Catastrophic and Bronze Plans – Ideal for Healthy, Young People

Catastrophic health insurance plans in Ohio are available to residents under the age of 30. Some people who are 30 or older can get an exemption and still get a plan. Anyone can get a Bronze plan, though.

While the low monthly premiums are quite attractive, the high out-of-pocket costs make these plans risky for some people. Only get a Catastrophic or Bronze plan if you are young, healthy, and don’t use your insurance often. Also, you need to analyze your finances before purchasing one of these health insurance plans in Ohio. It’s critical that you have enough money in savings to cover the high out-of-pocket costs in case of an emergency. If you don’t have the funds, consider purchasing a Silver plan instead. The premiums are still reasonable, and you won’t have to worry about drowning in debt if you have a health care emergency.

Short-term Health Insurance in Ohio

Those who need temporary coverage can purchase short-term health insurance in Ohio. These plans are not available on the state’s health care marketplace and can only be issued for 12 months. Short-term health insurance cannot be renewed in the state of Ohio.

If you have lost your employer-sponsored health insurance or missed open enrollment on the marketplace, this can be a good option. However, short-term health insurance doesn’t cover many of the essentials, such as maternity and mental health care. You also have to pass through the underwriting process when obtaining short-term health insurance in Ohio. If you have a pre-existing condition, you will likely find it challenging to get coverage.

Get Help Comparing Health Insurance Plans in Ohio

Are you confused when it comes to comparing health insurance plans in Ohio? Should go with a plan with a low premium and high out-of-pocket costs? A high premium with low out-of-pocket costs? Or a plan that sits somewhere in between?  Get the help you need by speaking to a licensed insurance agent. Call 1-888-497-1683 to compare plans in your county and choose the right one today.

Information on Ohio Health Insurance Plans