Ohio Health Insurance Premiums…Going Up

Original post from: Ohio Health Insurance Quotes

Escalating health insurance premiums for Ohio workers have outstripped pay increases since 2000, growing at a rate nearly nine times as fast as wages.

 

 

The average cost to workers for a family insurance plan grew more than 80 percent from 2000 to 2007. Wages during the same time rose just 8.9 percent, according to a study by Families USA.

The nonprofit national health advocacy organization analyzed data from the U.S. Census Bureau, the U.S. Department of Labor and the U.S. Department of Health and Human Services for the study.

 

Good News

 

The good news, is that Ohio individual health insurance rates, when compared to other states, are still low.

Of course, there are still many Ohio residents without medical coverage. A solid majority of Ohioans feel so strongly that all Americans should have health care that they are willing to experience some pain themselves — in the wallet.

Fifty-six percent in a Columbus Dispatch Poll say expanded health care accompanied by higher taxes is preferable to lower taxes with fewer people covered.

 

Health Care Spending

 

At an estimated $2.4 trillion this year, costs of the U.S. health-care industry have doubled in the last decade, increasing scrutiny and demands for efficiency in both the private and public sectors. Total spending on health care could increase from 16 percent of the gross domestic product last year to a quarter in 2025 — and nearly a half by 2082, predicts the Congressional Budget Office.

Affordable Ohio health insurance plans are still available. The premier source for Ohio health insurance quotes is still http://www.ohioquotes.com

 

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Ohio Health Insurance Plans (Health Savings Accounts)

Original post from: Ohio Health Insurance Quotes

What is a Health Savings Account (“HSA”)?

A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a alternative way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

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You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account.

Many Ohio insurance companies offer HSAs.  Anthem and UnitedHealthCare may be the best options while Medical Mutual and Aetna are also companies to consider.

What Is a “High Deductible Health Plan” (HDHP)?
You must have an HDHP if you want to open an HSA. Sometimes referred to as a “catastrophic” health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn’t pay for the first several thousand dollars of health care expenses  (i.e., your “deductible”) but will generally cover you after that .  Of course, your HSA is available to help  pay for the expenses your plan does not cover. A wide range of deductibles is available…generally between $1500 and $10,000.

How can I get a Health Savings Account?

Ohio residents can visit http://www.ohioquotes.com for an instant free quote. Out-of-state residents can visit http://www.majormedicalhealth.com. These are two of the most comprehensive health insurance websites available to the public. And yes…I am a bit biased!

How much does an HSA cost?
An HSA is not something you purchase; it’s a savings account into which you can deposit money on a tax-preferred basis.  The only product you purchase with an HSA is a High Deductible Health Plan, an inexpensive plan that will cover you should your medical expenses exceed the funds you have in your HSA. The two websites listed in the prior paragraph will provide you with immediate rates.

November 2011 Update- HSAs are still popular. Medical Mutual, Anthem and UnitedHealthCare are still the best options here in Ohio.

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Medical Mutual of Ohio offers Competitive Rates

Original post from: Ohio Health Insurance Quotes

Medical Mutual of Ohio offers extremely competitive health insurance rates in Ohio.  Although comprehensive plans are the most popular Medical Mutual plan, Health Savings Accounts have been growing in popularity every year.

Meet Medical Mutual of Ohio, one of the country””s oldest and most trusted insurance company. The company is more than 70 years old and insures more than 3.9 million customers. With more than $2 billion in annual revenue, this company is financially secure. In fact, they were chosen to handle Ohio””s high risk pool under the nation””s health care reform program.

Medical Mutual will not have the most competitive rate in all areas of the state. Generally, in the Northern part of Ohio, Medical Mutual rates are very good. In fact, in parts of Southwestern Ohio, their rates are also  among the lowest in the area.  We specialize in finding the company the offers the most affordable rates while at the same time, featuring coverages that meet your current needs.

If you need help with finding the best health insurance rate in Ohio, feel free to email eharris@ohioquotes.com or click on the “Get Instant Quote” button at the top of the page.

UPDATE: November 2010. Medical Mutual rates are still very competitive. HSA rates in the Cincinnati area are now among the best in the state. Of course, health reform now requires HSAs to offer preventive benefits with no copays and no deductibles.

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