Molina Healthcare’s Constant Care Silver 1 plan is the lowest Silver health insurance coverage in the majority of Ohio, based on a comparison of all policies available on the Ohio insurance market. However, not all counties provide the same selection of insurers, so the best economical health coverage may vary based on where you live.

In Ohio, the average monthly cost of health insurance for a 40-year-old in 2023 is $457.

Depending on income, Ohio citizens can obtain affordable health insurance on the state exchange or through Medicaid, but the best plan will depend on your budget and expected expenditures. We advise comparing multiple providers before to choosing a plan.

Cheapest health insurance coverage by plan tier

Health insurance policies are grouped into tiers based on the benefits and out-of-pocket costs associated with each policy.

To help you choose the best health insurance plan for a particular level of coverage, we reviewed inexpensive health insurance policies in Ohio across all tiers and identified the lowest-cost options.

We suggest utilizing these low-cost health insurance policies as a starting point for determining the costs and advantages of a certain coverage tier.

The cost of medical insurance is mostly determined by your level of coverage and your age, with older individuals incurring considerably higher costs.

A 40-year-old in Ohio will pay an average of $112 more per month than a 21-year-old for the same level of Silver health insurance coverage. A person aged 60 will spend $577 more than a person aged 40 for the identical health plan.

As no insurer offers plans statewide through the Ohio marketplace, the cheapest plans mentioned below are not accessible in every county; still, we encourage utilizing them to estimate your premiums.

Finding your best health insurance coverage in Ohio

Depending on where you live in Ohio, the health insurance policies accessible to you will vary, but in every county, you will be able to choose between different metal tiers of coverage. Since your income and predicted medical expenses affect the rates you’ll pay and the coverage you’ll require, these factors will influence the ideal inexpensive health plan for you.

Higher metal levels often have more expensive premiums, but their lower cost-sharing makes them excellent for families that anticipate having substantial or ongoing health care costs.

On the other hand, lower metal tier health plans typically have lower premiums, but their high out-of-pocket costs make them unsuitable unless you have emergency savings and do not anticipate needing expensive medical care.

Gold plans are the best option for families with high or continuous medical costs.

Gold health insurance plans are frequently the best option for families who anticipate higher medical expenses. Gold insurance often feature the most expensive monthly premiums but the lowest out-of-pocket payments.

You’ll pay substantially less out of pocket before your health insurance kicks in. This is a fantastic advantage if you have regular medicines, a chronic disease, or if you cannot handle a huge, unexpected bill and would prefer premiums that are higher but predictable.

Silver plans: Best for low-income families or those with typical medical expenditures

Medicaid has been increased in Ohio under the Affordable Care Act (ACA), allowing households with incomes up to 138% of the federal poverty line to qualify. Silver plans may provide the best pricing for low-income families who do not qualify.

Cost-sharing reduction (CSR) subsidies are only available for Silver health insurance policies if your household income falls below a specified threshold. Silver plans are also a solid compromise, as they frequently combine more cheap medical insurance premiums than Gold plans with lower out-of-pocket costs than Bronze policies.

Bronze/Catastrophic plans: Best for young families with savings

If you are under 30 or qualify for a hardship exemption, you may be eligible for a Catastrophic health insurance plan. These plans may offer the cheapest monthly premiums and the greatest cost-sharing. These plans are not eligible for premium tax credits.

We would not recommend Catastrophic or Bronze health plans, which are available to everyone in Ohio, unless you are certain of your capacity to handle out-of-pocket health care costs. Your health insurance will not give coverage until your deductibles and copayments have been met.

For a 40-year-old, the premium for the SummaCare Bronze 8000 with SCConnect Network plan can be as low as $305 per month, which is significantly less than the $436 premium for the SummaCare Silver 6000 with SCConnect Network and 3 Free PCP Visits. However, the Bronze plan’s deductible is $7,800 more expensive than the Silver plan’s deductible.

Health insurance rate changes in Ohio

Rates, deductibles, and out-of-pocket maximums for health insurance are decided annually by health insurance carriers and then submitted to state and federal regulators for approval.

For 2023, the average cost of health insurance across all plan categories increased by 3%. Compared to 2022, the cost of Bronze plans grew by the most: 7%, or $26 per month.

Ohio short-term health insurance

Short-term health insurance plans are available for purchase by Ohio citizens. Coverage can last up to one year, which is comparable to federal regulations. However, Ohio prohibits consumers from renewing short-term health insurance after the first coverage period expires.

If you miss the open enrollment period or lose employer-provided health insurance, you may want to explore a short-term health insurance policy. Noting that short-term plans do not guarantee the same key advantages as qualified health insurance policies is critical.

Best affordable health insurance providers in Ohio

Currently, there are ten health insurance providers on the Ohio state market. None of these insurers, however, offer coverage in every county. Therefore, the best insurer and coverage will vary according on your region.