High deductible Ohio health insurance plans are growing in popularity. And why not? The rate is affordable (often half the cost of a typical policy), preventative coverage is covered, and there is generally NO out of pocket expense after the deductible has been met. You can easily compare flexible policies that will reduce your premium.
What is a High Deducible” Plan?
A “High Deductible” health insurance plan is a policy with substantially lower premiums that has a higher deductible for major items, such as hospital stays, inpatient or outpatient surgeries and emergency-room expenses. Routine physicals, mammograms and OB/GYN visits are typically covered at 100%. And prescriptions are usually discounted without having to meet the deductible. An individual or family with very few medical expenses will often benefit by having this type of coverage.
If you do not have any medical problems and you believe that you may only need coverage for less than one year, a catastrophic contract may be the ideal choice to purchase. You can easily apply online, pay monthly, and cancel at any time. Of course, if you need benefits for a longer period of time, you can simply maintain your existing coverage.
Can an HSA be used with this contract?
Many high deductible plans allow you to set up an Ohio HSA (Health Savings Account) which can be used to accumulate tax-free dollars to pay for qualified medical expenses. Your funds can also be used to pay for qualified dental and vision expenses, although those expenses will not apply towards your deductible. By contributing money into your HSA, you’ll be well-prepared to pay for the occasional hospital stay or other major unexpected medical bill. Most expenses that you have to pay out of pocket will still receive negotiated reductions.
What Ohio Companies offer these Plans?
All of the major companies offer a wide selection of low-priced plans. However, some plans are more competitively priced than others, and some plans also offer a more comprehensive package of coverages than other plans. Some of the more popular options are:
Aetna PPO High Deductible
Anthem Lumenos HSA
Medical Mutual Super MedOne Wellness
United HealthCare HSA