Ohio health insurance premiums are rising, even for those who do not use a lot of health care services. According to a survey conducted by Kaiser Family Foundation and the Health Research & Educational Trust, premiums have increased nationally by 97% in less than a decade, about three times as fast as wages and inflation.
This is a worrying trend because more Ohioans are looking to purchase coverage to meet the requirements of the Individual Mandate. Moreover, spending more on health insurance would mean having less to spend on essentials like food and gasoline. Understanding and controlling the factors that contribute to rising costs of health care can help slow down the rise in premiums to some extent.
Factors Contributing to Increased Expenses on Health Care
Ohio health insurance companies fix premiums based on age, location, and the costs to pay for members’ claims. According to leading health insurer Anthem Blue Cross Blue Shield, 87% of premiums are used to pay for medical services and products, 10% goes to cov