Ohio individual health insurance prices are quite affordable…especially if your employer is paying the premiums. However, if you’re self-employed or are paying your own premiums, they may not seem so attractive. And with more business owners reducing their contributions, and in some instances eliminating medical benefits, keeping healthcare costs within your budget is more important than ever.
Many new changes will occur in 2014 including the establishment of national and state Exchange programs. Many new guidelines, taxes, requirements and paperwork will be required. Don’t worry. We’ll be available to ensure you get the best deal.
But until that time, there are some ideas and tips that may help. Consumers can reduce their Ohio rates by following some simple guidelines. We have spent three decades assisting customers lower their bills, and here are a few of our best ideas:
· If you’re relatively healthy, always consider raising your catastrophic deductibles. The savings could easily be thousands of dollars per year. And in most situations, you can change back on the anniversary date.
· Never buy an Ohio health insurance policy from an out-of state broker. They may recommend the wrong plan, and are quite likely to be unfamiliar with all of the options. They may specialize in what’s best for a family in Idaho or Florida, but that won’t help you.
· If any broker attempts to charge you an “application fee” or processing fee,” run away fast! The lone exception is some temporary policies. One of the biggest misconceptions among consumers is that you have to pay for broker services. You don’t!
· If your prices have increased each of the last three years, it might be a good time to compare plans. Current rates may be less than the premium your older policy is costing you. Often, you can apply “non-bound,” meaning that you are not obligated to accept the offer and you don’t have to cancel your existing coverage. This is a great feature for student plans for instate or out-of-state schools. You can read more about those plans here.
· Consider an individual or family Health Savings Account (HSA). In addition to tax deductions, the savings in premiums can be deposited into a side account that pays current expenses. Potentially, you could save thousands of dollars. There are many good options available, with deductibles ranging from as low as $1,250 to $12,000.
· Eliminate unneeded coverages. If you rarely visit a physician and there are no children on the policy, consider eliminating the coverage if the savings is substantial. The savings will vary depending on the carrier, so occasionally, you may be able to leave the rider in place for a very cheap cost.
· Let us review your current private coverages. It’s possible there are some available discounts you’re not aware of. Also…simple “fine-tuning” instead of changing an existing plan might provide some premium savings. We provide free unbiased guidance that will save you had-earned dollars and time.
You can always count on change and individual health insurance prices in Ohio are not an exception. We have enjoyed low costs for many years and have seen our state rank among the best in the US for affordability. Hopefully, that trend will continue.