Local News Toledo

 

Health Insurance Premiums Rising in Ohio

COLUMBUS, Ohio (WSPD) -- A new report from the Ohio Department of Insurance finds the average health insurance premiums are increasing in Ohio.

Individual plans went up by 13 percent while the increase was 11 percent for small business health plans sold in 2015 on the federal exchange created by the Affordable Care Act.

"We knew premiums were going to go up significantly in Ohio," said Lt. Gov. Mary Taylor, who also heads the Ohio Dept. of Insurance.

The 16 companies filing to sell plans on the federal exchange in the individual market proposed average premiums of $374.42 per month compared to $332.58 per month for the same coverage last year.  For the small group market, the eight companies filing to sell plans proposed average premiums of $446.78 compared to $401.99 in 2014.

"Prior to Obamacare in Ohio we had a competitive market where consumers had choice. They could pick and choose the type of coverage that met their needs and the type of coverage they could afford," she said. "Higher premiums will continue to put a strain on consumers and small businesses at a time when our state’s economy is showing strong signs of recovery and growth."

Company premiums ranged from $316.11 to $528.16 for individual market exchange plans, while small group market premiums ranged from $348.87 to $537.96.  

Taylor expects the increases to continue for the foreseeable future.

 

More Articles