HHS releases Ohio marketplace premium rates

The federal Department of Health and Human Services released premium information this week for Ohio and 35 other states that have opted to have a federally facilitated marketplace, or exchange (Source: “Obamacare premiums lower than expected,” Columbus Dispatch, Sept. 25, 2013)

According to the report, in Ohio, a 25 year old could buy catastrophic coverage for $109 a month or spend $193 for a gold plan with the most comprehensive coverage. Prices get steeper with age. A 58 year old would pay $276 a month for catastrophic coverage or $491 for a gold plan.

Nationwide, the average monthly premium for the second-lowest-cost silver plan – expected to be the most popular – will be $328, according to the report released by the U.S. Department of Health and Human Services. That’s 16 percent below projections from the Congressional Budget Office.

Most Ohioans (51 percent) get health coverage through their employers and will not enroll through the insurance marketplace. Roughly 30 percent of Ohioans get coverage through either Medicare or Medicaid. About 5 percent of Ohioans get coverage through the individual market today and the most recent estimates are that between 7 percent and 10 percent will be on individual plans by 2017.

In July, HPIO released a policy brief titled “Health insurance marketplaces: What Ohioans can expect" that explores how health insurance marketplaces will operate in Ohio and describes the Qualified Health Plans (QHPs) that will be offered in the marketplaces. The paper also describes the benefits that will be included in plans available through the individual market, the small group market and Medicaid.