Ohio Health Insurance

Health insurance companies operating in the state of Ohio face more rigorous regulatory guidelines than those in most other states, which translates into significant advantages for any consumer who knows what to look for.  If you’re planning to purchase new coverage in Ohio, we would advise that you first read over the list below to familiarize yourself with the relevant laws that are currently in place.

• Insurers in Ohio are required to guarantee you the option of renewing your policy as many times as you see fit.  Each policy must contain a clause to this effect, assuring any policy-holder who has kept to the terms of that policy the ability to renew it indefinitely.  Not only that, but no insurer may legally drop your coverage solely because you are suffering health complications.
• If you come to the table with any pre-existing condition (meaning a health problem diagnosed or treated within the previous six months), the policy-writer can elect to exclude that condition from your new policy’s scope of coverage for up to a year after the health plan goes into effect.  If you have maintained continuous coverage throughout this time, however,  the state of Ohio mandates that any exclusion period you’ve already gone through must automatically be credited toward any new delay that the insurer might try to impose.
• Newborns and newly-adopted children in Ohio are automatically covered under their new parents’ health policy for up to 31 days, as long as that policy’s coverage can be applied to dependents.
• While health insurance companies in Ohio are free to deny coverage to new applicants under most circumstances, each year they must hold a thirty-day open-enrollment period, during which time they are required to accept any valid application they receive.
• Ohio’s legal guidelines strongly favor small businesses, which are considered to be automatically eligible to purchase group coverage if they meet certain basic conditions.  The one universal requirement is that the company have at least two employees, and no more than fifty.  Other possible prerequisites may include an agreement to ensure that at least a certain fraction of the company’s staff participate in the policy, or a contribution from the employer toward each employee’s premiums.  Health insurance companies are required to offer coverage to any small business that abide by these provisions.
• Coverage for small businesses may vary in cost based on the risk factors of the participating employees, but under no circumstances may an insurer terminate this group policy on the grounds that an employee has fallen ill.
• Self-employed entrepreneurs in Ohio are only eligible to purchase small-business group coverage if they meet all the normal requirements for such a policy.  Otherwise, they are more than likely eligible only for individual coverage.  On the bright side, a large portion of the premiums for individual health insurance may be tax-deductible.

The presence of favorable regulations should not be taken by any insurance shopper as a sign that they should approach the matter carelessly.  As in many aspects of personal finance, there are great rewards waiting for those who are willing to take the time and effort to educate themselves and shop around for the best available deal.

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