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Buy Ohio Catastrophic Or Comprehensive Health Insurance?

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What type of Ohio health insurance should you buy? Catastrophic or comprehensive coverage?  Catastrophic plans  cost substantially less, but typically place a deductible on most benefits, often have higher out-of-pocket expenses, and limit the number of times times you can visit a physician with just a copay.

Comprehensive plans are less expensive, and feature low copays on primary-care physician  and specialist office visits, Urgent-Care,  and prescriptions. Also, federal subsidies (if you qualify) can drastically reduce the rate for comprehensive plans. Catastrophic-tier options are not eligible for the instant tax-credit.

So…What’s the answer? Based upon my 35 years of experience in the healthcare business, you would expect an easy explanation. It actually is not so simple. To accurately answer that question, we need to somehow accurately predict your medical expenses for each calendar year. Since there is no psychic in the house, perhaps utilizing actual rates and family scenarios will help determine the most cost-effective choice.

Cheapest Columbus Ohio Medical Plans

All Roads Lead To Lower Columbus Health Insurance Rates

Case Study Comparison

Perhaps comparing specific rates and coverage would help. So we created a hypothetical family to use in our calculations. Both husband and wife are 40 years old and they have two children (ages 10 and 12). There are no pre-existing conditions and they live in the Columbus area (Franklin County).  The total household income is $55,000 which provides a federal subsidy of approximately $480 per month. This amount has automatically been deducted from the premium.

Typically, they use their 100% covered preventive benefits, including routine annual physicals and OBGYN visits. But they rarely utilize their policy for other expenses. Although an occasional flu or allergy expense occurs, this family is quite healthy.

Let’s Compare Monthly Rates!

 

Bronze Plans With Higher Deductibles And/Or Out-Of-Pocket-Expenses

$257 – Aetna Bronze Deductible Only HSA

$309 – UnitedHealthcare Bronze Compass HSA 5500

$313 – Anthem Bronze Pathway X HMO 5000-40

$325 – Aetna Bronze $15 Copay

 

Gold Plans With Lower Deductibles And/Or Out-Of-Pocket Expenses

$556 – Molina Marketplace Gold Plan

$594 – UnitedHealthcare Gold Compass 0

$703 – Anthem Gold Pathway X HMO 1450 20

$744 – Aetna Gold $10 Copay

Interpreting  these premiums shows that savings of approximately $2,500-$6,000 are possible when choosing plans with higher deductibles and/or higher maximum out-of-pocket expenses. Therefore, when enrolling for new coverage, or renewing an existing plan, strongly consider less-expensive options if no significant medical conditions are present. NOTE: If you missed Open Enrollment in Ohio, an alternative plan may have to be selected, or you can retain your current qualified coverage.

Every Household Situation Is Different

Each individual and family is different and that’s why we take the time to review your specific details and make recommendations based on what’s best for you. Please feel free to call us anytime at (888) 513 6446 or contact us by clicking on the “Contact Us” tab at the top of the page.

Buy Ohio catastrophic health Insurance or  comprehensive coverage easily through our website.  View personal and family quotes from the top companies and enroll online in minutes.

High Deducible Ohio Health Insurance Plans – View And Compare HSAs

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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.

Cheap High Deductible Medical PlansIn Ohio

Save Money With Catastrophic Health Insurance In Ohio

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.