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Ohio will have a federally run health insurance exchange by 2014. This follows the decision by the governor not to implement a state-based exchange to sell Ohio health insurance. The setting up a federal health exchange is a major change as traditionally, states have controlled the private health insurance market.
Obamacare visualizes the health exchange as a regulated virtual market where individuals and small businesses can find private Ohio health insurance plans. Providing personal information such as age, family size, income and ZIP code will help determine what plans will be available to them. They can get an Ohio health insurance quote and apply for a suitable plan through the exchange.
The exchange will be a place where they can compare plan benefits, healthcare service provider networks, and common medical treatment costs. Low income Ohioans can enroll in Medicaid and also avail of subsidies to purchase health insurance.
Health insurance tax credits will be available for people who earn up to four times the federal poverty level ($44680 in 2012). If the health exchange program is allowed to expand, Ohioans who earn up to 133 percent of the poverty level ($14,856 in 2012) will be eligible for Medicaid.
All health insurance Ohio sold on the exchanges will feature new consumer protection guidelines. Insurers cannot deny coverage for people with pre-existing conditions. Minimum health benefits as defined under health care law will have to be met including coverage of maternity care and prescription drugs.
Many of Ohio's legislators opposed a state-run exchange for various reasons. One of the main arguments against the very idea of an Ohio health insurance exchange is that it is not a financially sound proposition. Gov. John Kasich said that his administration had put the cost of setting up the exchange at $43 million.
Administrators are also worried about the uncertainty surrounding the system, for which rules have not been clearly laid out. The absence of freely competing market forces could also cause a rise in health premiums for individuals and small businesses, they say. It is pointed out that the benefits mandate and coverage guarantees would push up the costs Ohio health insurance plans, making them more expensive than the plans currently available in the open market.
The Ohio health insurance exchange will not be in place until 2014. Even as the state is struggling to find answers to many questions on the future of health insurance in Ohio, you have to stay covered. Contact a professional Ohio based brokerage to purchase an affordable Ohio health plan to meet your needs.
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