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Small Business Employee Benefits and HR Blog

Ohio Health Insurance Exchange - Proposed Rates Announced

Last week, the Ohio Department of Insurance (DOI) announced proposed rates for individual plans that will be offered on the new Ohio Health Insurance Exchange. With individual health insurance policies becoming guaranteed-issue in 2014, rate increases are expected in the individual market. However, everyone is looking closely to see how much rates will increase in 2014 with the new Affordable Care Act regulations.

Ohio Health Insurance Exchange - Proposed Rates 

Ohio Health Insurance Exchange Rates
According to the Ohio Department of Insurance (DOI), the average individual health insurance premium will increase from $223 per month to $420 per month, an 88% increase. The individual health insurance plans for essential health benefits ranged from $283 to $577 for individual health insurance plans, according to the DOI.
 
At face value, the 88% rate increase seems high. However, these rates are before applying the individual premium tax subsidies, which the majority of Americans will qualify for. The tax subsidies are applied at the time of purchase, so many Ohio residents will not see a significant net increase in their premium rate.

The proposed rates are based on 214 individual health insurance plans filed by 14 companies. Insurance companies had until June 1 to file their plans and rates for policies sold on the new Ohio Health Insurance Exchange. 

Click here to read the Ohio Department of Insurance press release.

Ohio Health Insurance Exchange - Proposed Carriers

According to the Ohio DOI, the following insurance carriers have submitted intent to offer individual plans on the Ohio Health Insurance Exchange:

  1. Aetna Life Insurance Company

  2. AultCare Insurance Company

  3. Buckeye Community Health Plan

  4. CareSource

  5. Coordinated Health Mutual, Inc.

  6. Coventry Health and Life Insurance Company (Health America)

  7. Humana Health Plan of Ohio

  8. Kaiser Foundation Health Plan of Ohio

  9. Medical Health Insuring Corporation of Ohio

  10. Medical Mutual

  11. Molina Healthcare of Ohio

  12. Paramount Insurance Company

  13. Time Insurance Company

  14. United Healthcare Insurance Company

The Ohio DOI will review and approve all plans, and will finalize plans and rates later this summer. The Ohio Health Insurance Exchange will open for enrollment October 1, 2013, for coverage beginning January 1, 2014.

Click here to view the public HFAI filings.