Average premiums will increase by 12 percent for individuals and 15 percent for small businesses in 2015 according to approved rates submitted by Ohio health insurance companies.
The average premium for the 16 companies approved to sell plans on the federal exchange in the individual market is $372.70 per month compared to $332.58 per month for the same coverage last year representing a 12.1 percent increase. For the small group market, the seven companies approved to sell plans had average premiums of $460.85 compared to $401.99 in 2014 representing an 14.64 percent increase.
Based on enrollment information used to develop the rates, the weighted average for the 16 companies selling on the individual exchange in 2015 is $379.72. For the seven companies selling exchange plans in the small group market, the weighted average is $507.69.
Individual company average premiums ranged from $316.11 to $516.46 for individual market exchange plans, while average small group market premiums ranged from $346.45 to $537.96. The 16 companies selling individual exchange plans will offer a combined 292 plans while those selling small group plans will offer a combined 181 plans.
In 2010, the federal Patient Protection and Affordable Care Act (ACA), which includes sweeping changes to America’s health insurance system, became law. It includes the creation of health care exchanges in which individuals and small business owners in every state can purchase qualified coverage. The federal government launched open enrollment in October 2013.
To learn more about the health care exchange visit www.healthcare.gov
. Ohioans with questions about insurance can call the Department at 1-800-686-1526