Ohio Health Insurance Overview

  • Ohio has a federally facilitated marketplace, meaning residents enroll through HealthCare.gov.
  • Open enrollment for 2020 health insurance plans has ended.
  • The Open Enrollment Period for plans effective in 2021 will begin November 1, 2020.
  • Short-term health plans are available for up to 364 days.
  • Ten insurers offer plans in the Ohio marketplace for 2020.
  • Nearly 200,000 Ohioans enrolled in plans through the marketplace in 2020.
  • Ohio’s uninsured rate has dropped by over 40% since 2013.

Ohio’s Health Marketplace

Ohio residents can find affordable individual and family health insurance through the federal exchange. Insurers on the exchange meet ACA standards and are available through HealthCare.gov during the annual Open Enrollment Period. 

Open enrollment for 2020 coverage has now ended. For health insurance coverage in 2021, Ohio residents can enroll during the Open Enrollment Period that begins November 1, 2020.

The Ohio exchange has ten health insurance companies available. In recent years, the average cost of coverage has decreased dramatically, making plans even more accessible to Ohioans. 

Ohio Health Insurance Statistics

Ohio Health Insurance Statistic

Health Insurance Rate Changes in Ohio

Health insurance premiums naturally fluctuate every year, so it’s important for residents to monitor any changes closely. Insurers set premiums for the forthcoming year before they are approved by the federal health insurance exchange.

To the delight of Ohio residents, the state has experienced a dramatic decrease in health insurance rates. Since 2018, Bronze, Silver, and Gold plans have all seen a significant reduction in premiums for an average 40-year-old individual. 

Metal Tier premium for health insurance

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 healthcare 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, short-term plans can be a good option. However, the insurance doesn’t cover many of the essentials, such as maternity and mental healthcare. 

How Much Does Health Insurance Cost in Ohio

Health insurance rates vary based on location, age, and other factors. That makes it difficult to estimate how much coverage would cost without creating a quote based on your credentials.

In 2020, the average monthly health insurance premium for a 40-year-old is $456 per month – an increase of 11%.

Best Cheap Health Insurance Companies in Ohio

Ohio has ten health insurance companies available on the marketplace, but none offer coverage in every Ohio county. This means the cheapest insurer varies based on your zip code. 

The ten health insurers in Ohio include:

Depending on your zip code, you could have up to five insurers to choose from, though certain areas only have one health insurance provider available. Even if you only have access to one insurer, you will still have multiple metal coverage tiers to choose from.  

Ambetter Community Health Plan, Medical Health Insuring Corp. and Molina Healthcare of Ohio, Inc. usually offer the cheapest plans. Of the Silver plans available, Constant Care Silver 2 250 and Ambetter Balanced Care 12 provided the best value in most Ohio counties. 

How has Obamacare helped Ohio?

Ohio’s federally facilitated marketplace and its decision to expand the Medicaid program has helped make health coverage more accessible to residents. 

These improvements have significantly refined the state’s uninsured rate. Ohio’s uninsured rate stood at 6.5% in 2018, down from 11% in 2013. 

Choosing Health Insurance Plans in Ohio

If you don’t receive health insurance from the federal government or an employer, you can buy a plan on the Ohio health insurance marketplace.

Health insurance plans on the marketplace are divided into three main metal tiers: Bronze, Silver, Gold. 

Higher-coverage metal tiers have a higher premium, but lower out-of-pocket costs. Bronze plans’ low premiums might be appealing, but depending on your healthcare needs, they might not be the most affordable option. 

Metal tiers for health insurance

Cheap Health Insurance Plans in Ohio By Metal Tier

Each metal tier has different premiums and out-of-pocket costs associated with it. The higher the coverage, the more expensive the premium. 

The following premiums are based on an average 40-year-old but remember, these policies aren’t available in every Ohio county:

  • 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.
  • If you are looking for cheap health insurance in Ohio, you might want a Silver 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.

Gold Plans – Ideal for High Medical Costs

Gold plans aren’t for everyone, but they are the best option for Ohio residents who often incur significant medical expenses. The premiums are indeed higher than with other metal tiers, but the annual deductible is much lower.

Individuals with chronic health conditions or take a lot of prescription medication can save a lot of money from the low deductible.

Silver Plans – Ideal for Average Medical Costs and Low Incomes

Silver plans in Ohio are an excellent option for residents who want affordable premiums and reasonable out-of-pocket expenses. The monthly premium is much lower than a Gold plan, and the out-of-pocket costs are less than a Bronze plan.

Silver plans are also ideal for low-income households. Cost-sharing reduction subsidies that reduce the out-of-pocket costs are available for low-income households that don’t qualify for Medicaid

Bronze Plans – Ideal for Healthy, Young People

While the low premiums are appealing, the high out-of-pocket costs make Bronze plans risky for those with pre-existing health conditions. Instead, the plan is well-suited to young and healthy individuals who rarely use their insurance.

If you are considering enrolling in a Bronze plan, you need to ensure you have enough savings to cover the high out-of-pocket costs should an unexpected medical emergency occur.

Average Cost of Health Insurance by Family Size in Ohio

Over two-thirds of Ohio is made up of family households, meaning plenty of Ohioans search for family health insurance every year. Of course, the amount your family can expect to pay depends on your policy, location, household income, and family size.

Children aged 14 and younger are covered at the same rate. After the age of 14, the child’s premium increases year-on-year. 

Health insurance family average monthly cost for Ohio

Get Help Comparing Health Insurance Plans in Ohio

Are you searching for health insurance coverage in Ohio? If you aren’t sure which metal tier is right for you, or how to find the most affordable policy for your needs, get in touch with HealthQuoteInfo.

Our licensed agents will walk you through the entire process, compare plans with you, and help you select the right policy. Call us today on 1-855-881-0430.

Information on Ohio Health Insurance Plans