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Ohio Health Insurance Business Annual Report


Ohio Annual Report Per Fill Online, Printable, Fillable, Blank
Ohio Annual Report Per Fill Online, Printable, Fillable, Blank from www.pdffiller.com

Overview of Ohio Health Insurance Business



Ohio's health insurance market is one of the most competitive in the nation. With more than 1,600 health insurance companies operating in the state, Ohio's health insurance market provides a wide range of insurance coverage options for individuals, families, and businesses. In 2018, the Ohio Department of Insurance reported that there were approximately 5.4 million Ohioans with health insurance coverage, representing nearly 83.4% of the state's population. The majority of these individuals and families purchased their health insurance coverage through employer-sponsored coverage, Medicaid, or Medicare. Additionally, many Ohioans purchased health insurance coverage through the Ohio Health Insurance Marketplace.

Ohio Health Insurance Marketplace



The Ohio Health Insurance Marketplace (OHIM) is a state-run health insurance marketplace that allows individuals, families, and small businesses to compare and purchase health insurance plans. Marketplace plans are required to provide coverage for essential health benefits, such as doctor visits, hospital stays, prescription drugs, and mental health services. OHIM offers plans from major health insurance companies, including Anthem Blue Cross and Blue Shield, CareSource, Medical Mutual of Ohio, and Molina Healthcare.

Ohio Health Insurance Premiums



In 2018, the average monthly premium for a Marketplace plan was $521 per month. This was slightly higher than the national average of $506 per month. The cost of health insurance coverage in Ohio varies widely by region. For example, residents of the Cleveland metropolitan area pay an average of $542 per month for a Marketplace plan, which is higher than the state average. On the other hand, residents of the Cincinnati metropolitan area pay an average of $498 per month for a Marketplace plan, which is lower than the state average.

Ohio Health Insurance Deductibles



The average deductible for a Marketplace plan in Ohio is $4,272 per year. This is slightly higher than the national average of $4,045 per year. Deductibles vary widely by plan and region. For example, the average deductible for a Marketplace plan in the Cleveland metropolitan area is $4,500 per year, while the average deductible for a Marketplace plan in the Cincinnati metropolitan area is $3,800 per year. Additionally, some plans have no deductible at all.

Health Insurance Enrollment



In 2018, there were approximately 1.2 million Ohioans enrolled in a Marketplace plan. This represents just over 22% of the state's population. Of those individuals and families enrolled in a Marketplace plan, approximately 80% qualified for a premium tax credit or cost-sharing reduction. This helped to make health insurance coverage more affordable for many Ohioans.

Employer-Sponsored Health Insurance



Approximately 66% of Ohioans receive their health insurance coverage through an employer-sponsored plan. Employer-sponsored health insurance plans are typically more comprehensive and less expensive than Marketplace plans. In 2018, the average monthly premium for employer-sponsored health insurance was $551 per month, which is slightly higher than the average premium for a Marketplace plan.

Medicaid and Medicare



Approximately 17% of Ohioans are enrolled in Medicaid or Medicare. Medicaid is a state-run health insurance program for low-income individuals and families. Medicare is a federal program that provides health insurance coverage for individuals over the age of 65 and those with certain disabilities. Both Medicaid and Medicare provide comprehensive health insurance coverage at lower costs than private health insurance plans.

Conclusion



Ohio's health insurance market provides a wide range of coverage options for individuals, families, and businesses. Most Ohioans receive their health insurance coverage through employer-sponsored plans, Medicaid, or Medicare. Additionally, many Ohioans purchase health insurance coverage through the Ohio Health Insurance Marketplace. The cost of health insurance coverage in Ohio varies widely by region, with the average monthly premium for a Marketplace plan being $521 per month. The average deductible for a Marketplace plan in Ohio is $4,272 per year. In 2018, there were approximately 1.2 million Ohioans enrolled in a Marketplace plan.