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How Much Is Health Insurance a Month in Ohio?

We compared all the health insurance plans in the Ohio marketplace and found that, in most counties, either the CareSource Marketplace Low Premium Silver, Ambetter Balanced Care 12, and the Constant Care Silver 2 250 was the affordable Silver-tiered health plan offered. Nevertheless, these insurers are not available in every county in the state, so the most affordable health coverage may vary depending on where you live.

The Best Health Insurance Coverage in Ohio

The health insurance plans available to you will vary depending on where you live in Ohio, but in every county, you will be able to choose from multiple metal tiers of coverage. The best cheap health plan for you will be based, in part, on your income and expected medical costs because this impacts the rates you will pay and the coverage you will need.

Higher-coverage metal tiers are costly to have significant or consistent health care expenses.

On the other hand, lower-coverage metal tier health plans have cheaper rates, but their high out-of-pocket expenses mean they are only ideal if you have emergency savings and do not expect costly medical care.

Gold Plans: Best for Families with High or Consistent Medical Expenditures

Gold health insurance plans are typically the best option for families with higher expected medical costs. Gold plans have the highest monthly premiums — but can make up for this with the lowest out-of-pocket costs.

So, you would have to pay significantly less yourself before your health insurance offers coverage. This is a great benefit if you have ongoing prescriptions, a chronic condition, or simply not managing high, unexpected costs and would prefer higher, but predictable, premiums.

Silver Plans: Best for Low-Income Families or Medium Medical Costs

Ohio has expanded Medicaid under the Affordable Care Act, meaning households with an income up to 138% of the federal poverty level can be eligible for Medicaid. Low-income families that do not qualify will likely get their best rates with a Silver plan.

Silver health insurance plans are the only ones that qualify for cost-sharing reduction subsidies if your family income falls below certain thresholds. Silver health insurance plans are also a good middle ground, as they combine more affordable medical insurance rates along with out-of-pocket costs that are lower than what you’d pay with a Bronze plan.

Bronze/Catastrophic Plans: Best for Young Families That Have Savings

If you are under the age of 30 or meet certain exemptions, you can be eligible for a Catastrophic health insurance plan. These provide the lowest monthly premiums and the highest cost-sharing.

We wouldn’t recommend Catastrophic— which are available to every person in Ohio — unless you are confident in your ability to cover the out-of-pocket expenses if you want healthcare. Your health insurance won’t offer coverage until you meet your out-of-pocket deductibles and copays.

For example, the CareSource Bronze premium can be as little as $244 per month for a 40-year-old, which is less costly than the $376 for the Molina Marketplace Gold Plan. But we would recommend carefully considering whether you could cover its $7,250 deductible in case of an emergency before buying this policy.

Short-Term Health Insurance Plan in Ohio

Ohio residents have the choice of buying short-term health insurance plans. This plan can last up to 12 months, which is similar to federal guidelines. Nevertheless, Ohio doesn’t allow policyholders to renew short-term health insurance after the initial coverage period has ended.

You may need to consider a short-term health policy in case you missed the open enrollment period or if you lose employer-sponsored health care. It is vital to note that short-term plans do not cover the same essential benefits like private health insurance policies

Average Cost of Health Insurance by Family Size in Ohio

The cost of health insurance is based on each person covered, and the number of persons on the policy will directly influence your premiums.

Children ages 14 and younger are usually covered at a flat rate, meaning the cost of coverage won’t likely increase until they are older.

A couple in Ohio would pay double the monthly rate for the same Silver health plan that a single individual would, or $991 on average assuming both individuals are 40 years old. Nevertheless, adding a child under the age of 15 would only increase the monthly health insurance rate by an average of $296, meaning a family of three would pay $1,287 for a health plan.

Resources and References:

• Gold Health Insurance Plans
• The Affordable Care Act