Downward Trend in Ohio Health Insurance Rates

A national survey conducted by Buck Consultants shows that costs for all types of medical plans are expected to increase by 9.9% for 2012. This is being welcomed as this is the first time since 2001 that Buck has predicted cost increases less than 10% for any type of plan. If you live in Ohio, this could be the best time to invest in Ohio health insurance – whether for your employees or for your family.

Fall in Rates for All Types of Plans

Buck’s survey covered 129 insurers and administrators providing benefits for up to 109 million people. It measured the projected average annual increase in employer-provided health care benefit costs. Compared to 2011, the rates fell in 2012 for various plans:

• HMO (health maintenance organization) rates – from 11% to 9.9%
• PPO (preferred provider organization) rates – from 11.2% to 9.9%
• POS (point of service) rates – from 11% to 9.9%
• HDHP (high deductible health plans) – from 11.1% to 9.9%

According to Daniel Levin, a Buck principal and consulting actuary who directed the survey, one of the main reasons for the reduced trend could be that health insurance companies that had added margins to account for health care reform benefit changes mandated for 2011, have removed them for 2012.

Levin said that the downward trend also reflects the lower expected costs as a result of the economic slowdown, with employees trying to cut their out-of-pocket expenses and postponing elective medical services.

Buy Health Insurance Ohio Now

Leading health insurance companies such as Anthem Blue Cross Blue Shield, Medical Mutual of Ohio, UnitedHealthOne, Humana, Assurant, and AETNA offer various types of health insurance Ohio plans. The first step in choosing the right plan is considering the current and future health needs of your family, and seeing if you need just basic coverage or more benefits. Does the plan cover expenses such as preventive care, dental visits, and prescription drugs? Check if your current doctors are in the plan network. It's also important to consider your budget – consider only plans you can afford. Remember that a plan with lower monthly costs means higher payments for doctor office visits and other services.

Contacting a reliable Ohio health insurance broker is the best way to compare plans and get price quotes. Remember that you will get an estimate first – the real cost of your plan is determined after a review. Now that costs are showing a downward trend, this is definitely the time to purchase health insurance Ohio.