Gov. Wants Cap On Ohio Individual Health Insurance Premiums
Posted Feb 19 2009 6:08pm
Ohio Governor Ted Strickland wants to enact a cap on individual health insurance premiums, according to an Associated Press article. In order to cover up to 52,000 uninsured individuals, Ohio health insurance companies will not be allowed to charge more than one and one-half times (150%) the lowest amount they would charge to someone of the same gender and age. Strickland believes that this measure will be especially helpful to those with pre-existing conditions; their premiums can often be prohibitively expensive.
While the cap would decrease premiums by up to 70%, the Ohio Insurance Department has calculated that it would result on a 5.5% increase in the cost of individual health insurance on average. However, less than 5% of Ohio’s population buys health insurance on the individual market.