Affordable Ohio Health Insurance-Options to Keep Your Premiums Down

As the crazy healthcare debate lingers in Washington many Americans are becoming increasingly concerned about their health coverage, particularly the cost of said coverage. Across the Buckeye State, as households are fighting to fend off foreclosure or cutting back on spending, there has been an influx in health policy cancellations and carriers ” pulling out of the individual market. It is terrible that it has come to this, but know that there are tools to aid you in your search to find some affordable Ohio health insurance.

 

 Does your wallet look like this after you pay your health insurance?

Affordable Ohio Health Insurance

One of the most crucial things to note, first and foremost, is that you should never allow your health policy to lapse, this could prevent you from receiving health insurance in the future. Just last week I had a client who had decided that their insurance policy was too expensive so they decided to just stop paying the premiums. Soon after, the policy was canceled. However, during that time her husband had been diagnosed with a severe form of migraines and was receiving injections to handle the pain. Unfortunately, those injections made him ineligible for coverage. Had they called an agent before stopping their payments they would’ve been able to transfer them to a different plan within that same carrier to bring down the monthly premiums and her husband would still have coverage. Please know there are other, more prudent, options than just discontinuing your payments to your health insurance carrier.

If you are finding it difficult to make ends meet and would like to seek out a more affordable option for you or your family your best bet would be to get an independent agent to assist you. Most agents have access to all of the carriers in the state and they know the plans inside and out as well as who has better rates at any given time. There is no fee to have a broker and they will offer you the exact same rates as if you were to go directly through the carrier. All rates are mandated by the Ohio Department of Insurance. After reviewing your needs with you the agent will ask you a few simple questions regarding your current health. From this information, he/she is able to go out to the market and shop the best values and present those to you in the form of a proposal. The agent can then take you through each plan and explain all of the individual benefits to you.

There are two great options in terms of keeping your premiums lower. The first is a Health Savings Account (HSA). An HSA is similar to the old MSA (Medical Savings Account), but much more flexible! They combine the pretax treatment of a health flex spending account, the portability and roll-over characteristics of a 401(k) plan, and the tax-free distribution of a Roth IRA. Basically, to put it in plain English you would set up a savings account at a bank of your choice. You can put as little or as much money into that account as you like (up to the IRS yearly limit) and it is completely tax-deductible! This money can be used for all of your office visit fees, to meet your deductible, for eyeglasses, contacts, dental, over the counter (OTC) medications, and so many other options! Whatever you don’t use rolls over to the next year. These will not only help you to save for health expenses such as surgery but also, it will help more families “get the health care they need at a price they can afford.”

Some health insurance companies, such as Medical Mutual of Ohio will also cover your preventive care at 100% if you enroll in an HSA. This includes well-child visits, immunizations, pap smears, mammograms, and colonoscopies. Also, most HSAs have 100% co-insurance, so that means that once your deductible is met the health insurance company covers all remaining expenses in that year at 100%.

The second option available is called a ” value plans”. With these plans, the consumer receives a certain number of copay eligible office visits (usually 3 or 4 per person per year) instead of the typical unlimited office visits. By capping the number of these visits the health insurance carriers are able to keep premiums lower, therefore saving you hundreds of dollars a year. These are great options for college students, young couples and healthy individuals who are not running to the doctor every month.

In closing, it would be incredibly beneficial for you or your family to do a bit of research, with the assistance of a broker if you prefer. You will find that there are numerous options to maintain your peace of mind by having insurance, yet at the same time to lower your monthly premiums.

Tracy McManamon is the owner of one of the most helpful sites for Affordable Health Insurance in Ohio. Visit his site today for a free quote or to find out more! Or better yet. just call me at 877-549-1212

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