Do Many Ohio Health Insurance Claims Affect My Premiums

There seems to be a myth that goes around every year in the Ohio health insurance world. What does that myth state? It states that Ohio health insurance rises every year based on the amount of claims that you or your family make. True or False?

False! Although, this seems to be true to most people because their Ohio health insurance rates go up almost every year. But what most people are mistaken about is the cause for this increase. Unless you look deeper into the situation you may be among the many people who assume that their health insurance premium increases every year because of the amount of times you visited the doctors that year. What you will begin to realize as you dig deeper into the situation is that even if you and your family have been fortunate enough to have zero doctor visits that year, it is still very likely that your premium will increase. So, you might ask, what does cause this increase?

When you apply and are accepted for health insurance, you are placed in a pool with other people applying around the same time as you for Ohio health insurance. They most likely bought a plan similar to you and that is why you were placed together. So even if you and your family are extremely healthy that year, it is unlikely that everyone in the same pool as you all remained just as healthy. Because of the many claims other people in the pool had, “the percentage of claims paid per premium has jumped…so that rate has to jump”. Is it a perfect system? No! but premiums are paid and your health insurance Ohio helps to pay the bills.

The solution for people who do not want to pay the price of the rising annual premium is to get a new plan. The new plan could be with the same company or a different one depending on what is available. By shopping around you will not be stuck in one pool that keeps having an incredible rise in price. Some people believe you should shop for cheaper insurance every six months, others say a year. Shop as little or as much as seems appropriate to you. By doing so you can ensure that you are receiving the best rates out there for you and your family and not settling on something more expensive.