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2015 Health Insurance Rates for Ohio

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2015 Health Insurance Rates for Ohio

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Updated: March 22, 2017    Published: November 12, 2014

Open enrollment for 2015 health insurance plans begins Nov. 15, and Americans want to know what they will pay for coverage in the year to come. While several states have approved and announced rates and plan information for 2015, others are still finalizing these details or have yet to make them available. Ohio is among the states that have released some rate data in advance.Based on approved rates submitted by Ohio insurance companies, average premiums will increase by 12 percent for individuals and small businesses in 2015.[1] For many, this may be an alarming amount. That is why it will be important for Ohioans to explore their health insurance coverage options both on and away from Ohio’s federally facilitated health insurance exchange. Rates may vary based on age, geographic location, tobacco use, carrier, plan type, and subsidy eligibility when buying from the exchange.

Individual and family coverage

Sixteen health insurance companies were approved to sell individual plans on Ohio’s federally facilitated exchange. This is an increase from 12 companies offering plans in 2014, and it places Ohio among the federally facilitated marketplace states with the greatest number of issuers.[2]

According to the Ohio Department of Insurance[3]:

  • The average individual plan premium in 2015 is $372.86 per month — it was $332.58 for the same coverage in 2014.
  • The weighted average for individual plan premiums is $379.80—this figure is based on enrollment data.
  • Average individual premiums range from $316.11 to $516.46 for individual plans sold on Ohio’s exchange.
  • 16 companies will offer a combined 290 plans in 2015—not all carriers and plans will be available in all regions

Ohioans who shop away from the exchange, through agents and brokers or online through websites such as HealthCare.com, may find additional carrier and plan options. Only health insurance coverage purchased on Ohio’s federally facilitated exchange will be eligible for financial assistance in the form of premium tax credits and cost-sharing subsidies.

Small business coverage

Eight health insurance companies were approved to sell health insurance plans in Ohio’s small group market.

According to the Ohio Department of Insurance[4]:

  • The average small group premium in 2015 is $448.55—in 2014 it was $401.99.
  • The weighted average for the group market is $507.51—again, this figure is based on enrollment data.
  • Average group premiums across companies range from $348.87 to $537.96.
  • Eight companies will offer a combined 185 plans.

Companies with 2 to 50 employees may offer health insurance through SHOP on Ohio’s federally facilitated exchange. Those who use SHOP and have up to 25 employees may qualify for tax credits. However, small businesses may find group coverage in the private marketplace through agents and brokers and websites such as HealthCare.com.

Medicaid

Ohio expanded Medicaid to low-income adults in 2014. Open enrollment lasts year-round. Visit Ohio’s federally facilitated exchange to apply.

Choosing your 2015 health insurance plan

Whether they wish to buy health insurance on or away from Ohio’s exchange, Ohioans should consider their health and financial needs for the year ahead and spend time comparison shopping.

Some things to consider:

  • Did your family health needs change in the past year? Will they change in the year to come?
  • Did your income change? Are you eligible for a tax credit, eligible for a larger or smaller tax credit, or no longer eligible for one at all?
  • Did you use the coverage you selected? Was it too much? Too little?
  • Did your plan network include your preferred providers and hospitals? Were they conveniently located?

Health and financial needs change, benchmark plan rates used to determine tax credits fluctuate, tax credit eligibility changes, and so do plan rates and networks. Check out the plan options in your area. Compare monthly premiums, annual deductibles and out-of-pocket limits, coinsurance, copayments and network providers and determine which work best for your healthcare needs and budget. Recalculate your premium tax credit subsidy eligibility.

If you qualify for a premium tax credit, you may want to keep your search to the exchange. If your are not eligible for a premium tax credit or the amount is small, you may want to consider options in the private marketplace. Remember: Tax credits are only available when you shop your state’s exchange. If you plan to buy 2015 coverage through Ohio’s exchange and receive a subsidy, be sure to update your financial and household information.

Use HealthCare.com’s Obamacare tax credit subsidy calculator to see if you might be eligible for a tax credit—and estimate how much. While you’re visiting HealthCare.com, enter your ZIP code to find and compare plans in your area. Call (877) 275-0485 to get help directly from an agent.

 

 

[1] Ohio Department of Insurance. “Federal Exchange Health Insurance Premiums Finalized for 2015.”

[2] Gunja, Munira Z. and Emily R. Gee.“Health Insurance Issuer Participation and New Entrants in the Health Insurance Marketplace in 2015.” Department of Health and Human Services. Sept. 23, 2014. http://aspe.hhs.gov/health/reports/2014/NewEntrants/ib_NewEntrants.pdf.

[3] Ohio Department of Insurance. “Federal Exchange Health Insurance Premiums Finalized for 2015.”

[4] Ibid.

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