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 provided at 100%, and there is NO out-of-pocket expenses after the deductible has been met on 0% coinsurance plans. Qualified expenses can be tax-deducted, and you don’t have to “use it or lose it.” So, what are you waiting for?
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. Several carriers offer these types of plans, and the network of physicians, specialists, and hospitals is the same that is used for conventional comprehensive plans.
If you only need coverage for less than one year, an alternative 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, or select a different plan through Open Enrollment.
Can an HSA be used with the HDHP contract?
Yes. HDHP 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, (because the deductible has not been met) will continue to receive negotiated reductions. Depending on the amount, the savings can range from hundreds of dollars (MRI) to thousands of dollars (in-hospital confinement).
What Ohio Companies offer these Plans?
Many major companies offer a wide selection of low-priced plans. However, since Aetna, UnitedHealthcare, Anthem, InHealth, Premier, and HealthSpan have exited the private marketplace, options have become limited. Medical Mutual generally offers very attractively-priced HSA plans, but they don’t service the entire Buckeye State.
Group policies through employers offer more options to employees. Often, an HSA option is offered, along with PPO and/or HSA plans. Depending upon the employer, a contribution maybe made on behalf of the employee at the beginning of the calendar year, or during Open Enrollment. Common contribution amounts are between $500 and $2,000.