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How Much Does A Medicare Supplement Plan Cost In Ohio?
How much does a Medicare supplement plan cost in Ohio? Well, that depends upon a variety of factors. Generally, Medicare supplement plan monthly
premiums tend to run slightly higher in Ohio than they do in other nearby states. But there are other factors that have a far greater impact on price.
Keep in mind that when searching for the ideal Medicare supplement plan, cost is a significant factor, is should not be the only factor you should consider.
The most important factor should always be the overall quality of the plan you choose. This includes the benefits of the plan itself, as well as the company
that is behind the plan. Once you are satisfied with the aforementioned qualities of the plan, only then should you consider price.
Interesting Fact: The United States spends over $8,250 per capita on health care every year - that's over 22% higher than the next highest country in the world and over 170% higher than the average of the highest-spending 50 countries in the world. In 1960, the per capita cost of health care was $147 per person in America; adjusted for inflation, it would be $1,082 today; that means our current per capita cost has grown over 660% above and beyond normal inflation. As a portion of the gross domestic product (GDP), health care spending accounts for 17.7 percent. The U.S. is second in the world and first among developed nations for the highest health care spending as a percentage of GDP. The total amount of money spent on health care each year in the United States is $2.6 trillion, and it is expected to continue rising. By 2021, spending on health care each year is expected to be $4.8 trillion. It is estimated that 30% (about $750 billion) of health care spending each year is wasted.
We will list the factors that impact the premium rates of Medicare supplement insurance. They are ordered from the most significant impact, to the least:- Plan Type
- Age
- Company
- Tobacco Use
- Health Status
- Region
- Gender
Plan Type
The most significant factor is the plan type that you choose. For example, the monthly premium of a plan type "F" is going to be significantly higher than the monthly premium of a plan type "K". This is because each Medicare supplement plan type offers a different benefit structure. All supplement plans are designed to cover medical costs that are not covered by traditional Medicare. However, some plans pick up more medical costs than others. These benefit differences are reflected in monthly premium.
Age
With very few exceptions, the older you are, the higher your monthly premium.
Good to know: Be up front about finances. Are you short on cash? Do you have a high insurance deductible? Don't be embarrassed to tell your doctor or dentist. He may be able to suggest less costly treatment options or even agree to lower fees. "Try to negotiate the fee you pay before or at the time you make your appointment and/or offer to pay cash," suggests Ruth Linden of Tree of Life Health Advocates. "Some physicians will agree to accept a reduced rate, if you inform them you are experiencing difficult financial circumstances." In fact, a Wall Street Journal/Harris Interactive poll found that three out of five people who negotiated with their doctors received discounts.
courtesy of Parents.com
courtesy of Parents.com
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| University of Cincinnati Medical Center 234 Goodman St Cincinnati, OH 45219 Telephone: (513) 584-1000 Plus Code: 4FQW+4M Cincinnati, Ohio |
Company
In Ohio, Medicare supplement monthly premiums vary wildly depending upon which insurance company you buy the plan from. The fact that plan benefits may be exactly the same, does not mean the monthly premium will be. While traditional Medicare is a government program, Medicare supplement plans are offered by private insurance companies. They get to set the pricing of the plans they offer.
Tobacco Use
Most insurance companies in Ohio will charge a slightly higher monthly premium for Medicare supplement coverage if you smoke or chew tobacco.
Health Status
In some cases, if you are not enrolling within the open enrollment - guarantee issue time frame for Medicare supplement coverage, some companies in Ohio will charge you a higher rate if you have specific medical issues. Please contact us if you have questions concerning this.
Gender
Both Medicare supplement and Medicare advantage plan insurance companies tend to offer slightly lower premium rates for women.
Where you live in Ohio
Your Medicare Supplement plan monthly premium will vary depending on where you live in Ohio. Usually, monthly premiums in rural areas tend to be slightly lower than monthly premiums in large metropolitan regions.
Insurance companies offering Medicare Supplement and Medicare Advantage plans include:
- AARP
- Mutual of Omaha
- Combined
- IAC
- Gerber
- Blue Cross Blue Shield
- Humana
- Cigna
- Aetna
On Average For 2024
On average, in Ohio, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, female applicant would be: $116.00 - $139.00.
On average, in Ohio, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, male applicant would be: $128.00 - $164.00.
Good to know: Plans that pay higher portion of your medical costs, but have a higher premium, are good if: you have pre-existing conditions, take expensive meds on a regular basis, are planning to have child, are expecting to undergo surgery, or have a chronic condition. If you're in good health and only go to the doctor for routine checkups, consider a plan with a lower monthly premium and higher out-of-pocket costs.
To get an exact rate, click the "Get An Instant Quote Now" at the top of the page!
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