Hike in Ohio Obamacare Premiums but Tax Credit may Save many

John Newport Sr., a cholesterol and arthritis patient received a letter notifying that his insurance plan under Obamacare would stand to be canceled and that he would not have healthcare access in 2018. Newport says that with numerous things getting canceled due to new political reforms, there is news about increasing prices and this has naturally got him worried.

The good news is that a counselor has helped this 52-year old man find a similar insurance scheme for the coming year. In fact, it is a couple of dollars cheaper than this current insurance plan fee.

No clarity on ACA benefits

Even though the Congressional Republicans were unsuccessful in repealing and substituting Obama’s Affordable Care Act, citizens are quite confused about the services and privileges that are still available. Also, there is little clarity about the costs of the available services. This is partly because the President’s office has been determined to disentangle the Affordable Care Act. Remember how the White House decided to shorten the registration period and reduced advertising funds to boost sign-ups for HealthCare.gov?

Among the most noticeable steps taken by the Trump administration included rejecting the compensations to insurance firms for expenses related to reduced deductibles and co-payments. These are payments that insurers need to make to consumers from low-income groups. According to critics, these payments helped rescue large insurance companies.

Insurance firms managed to raise premiums in order to make up for lost funding and are still mandated to offer reduced deductibles and co-payments, even if Washington does not reimburse them.

Health insurance becomes costly in Ohio

There has been a dramatic increase in the health cover premiums in Ohio. Consumers wanting to purchase health insurance for 2018 now need to pay in double-digits and the average spike is 34% more than 2017, reported the Ohio Department of Insurance.

Even higher increases have been approved by the Department of Insurance in Kentucky. The state’s Anthem Health Plans announced a 41% increase in rates while CareSource Kentucky Co. hikes insurance premiums by 56%.

In 2018, only 8 firms in Ohio will be offering plans on independent market exchanges, reported the Ohio Department of Insurance. There will be greater competition in Cincinnati than in other parts. There will be 4 insurers selling plans in Butler and Hamilton counties and 3 insurers in Clermont. Two providers will be offering coverage in Warren County.

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