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Small Business Employee Benefits and HR Blog

Illinois Health Insurance Exchange Update – Health Plan Rates

describe the imageThe Illinois Health Insurance Exchange recently released information on premium rates for individual health insurance policies that will be available through the Exchange. The Exchange will open for enrollment beginning October 1, 2013 with plan coverage starting January 1, 2014.

Illinois residents will be able to access the Exchange in three ways: online, the state’s help desk, or by visiting a partner organization to obtain in-person assistance.

Illinois Health Insurance Exchange – Carriers

According to the Illinois Department of Insurance (DOI), eight insurance companies are planning to offer health insurance plans through the Illinois Health Insurance Exchange. The Illinois DOI and federal government have approved 165 plans from these carriers:

  1. Aetna Life Insurance Company
  2. Coventry Health and Life Insurance Company
  3. Coventry Health Care of Illinois, Inc.
  4. Health Alliance Medical Plans, Inc.
  5. Health Care Service Corporation, a Mutual Legal Reserve Company (Blue Cross)
  6. Humana Health Plan, Inc.
  7. Humana Insurance Company
  8. Land of Lincoln Mutual Health Insurance Company

Some of the plans will only be regionally available, however according to the DOI, 95% of all Illinois residents should have access to at least 34 individual health plans. 

Illinois Health Insurance Exchange – Sample Health Plan Rates

At time of writing there was not yet access to a full summary of premium rates for Illinois, however Illinois Governor Pat Quinn released sample bronze plan rates for residents in Chicago and Peoria, and examples of what premiums might cost with premium tax subsidy eligibility. In the press release, Governor Quinn states that rates for health plans are 25% lower than Health and Human Services (HHS) estimates, and that with premium tax subsidies these rates will be even lower for some residents.

  • The lowest monthly rate for a bronze plan for a 25-year-old is $120 in Chicago or $128 in Peoria 

  • The lowest monthly rate for a bronze plan for a 40-year-old is $152 in Chicago or $163 in Peoria 

  • The lowest and for a bronze plan for a 60-year old is $323 in Chicago or $346 in Peoria

For those eligible for the premium tax subsidies, consumers will pay even less toward their monthly premium. For example:

  • A single 30-year old with a household income of $23,000 could be eligible for a subsidy bringing his or her monthly cost to $44 in Peoria or $69 in Chicago

  • A family of 4, parents aged 40 with 2 children, with a household income of $60,000 could be eligible for a subsidy bringing their monthly cost to $150 in Peoria or $234 in Chicago

Source: Illinois.gov

What questions do you have about the individual health plan rates with the Illinois Health Insurance Exchange? Leave a comment below.

state by state guide to health insurance marketplaces