By When shopping for affordable health insurance in Chicago, residents need to understand how much they can expect to pay for coverage. Illinois residents who need more medical care may want to get a higher-cost plan with low out-of-pocket maximums. While high-cost plans with low maximums will likely cost more each month, the cost will quickly decrease as you see less coverage after you reach your maximum. One of the most affordable health insurance plans in Illinois with high premiums is the MercyCare HMO Gold Option C plan, which costs $469 per month for a 40-year-old.
Cost of health insurance in Illinois
The cost of health insurance in Illinois varies based on the number of people covered and their age. For instance, children under 14 are usually priced at a flat rate. As you age, your premiums will increase. For spouses, the cost of health insurance in Illinois will be based on your age. But for those with chronic medical conditions, you should consider getting a plan that offers more coverage. Bronze plans, on the other hand, are expensive and have high deductibles and coinsurance requirements.
The average cost of health insurance in Illinois is $6,861 per person and $27,444 for a family of four. That’s $765 lower than the national average. Although health insurance prices differ by age and the amount of population insured, Illinois rates are significantly lower than national averages. You can view the average cost of health insurance in Illinois by examining the chart below. The numbers in the chart are based on average costs of four major types of health insurance in Illinois.
Variation in premiums based on location
The Affordable Care Act has limited the factors used by insurance companies in setting up medical plans. This regulation applies to both individual and small group markets. In the individual market, premiums may vary by age, gender, location, smoking status, and participation in wellness programs. In the small group market, premiums may also vary by family size and geography. In Chicago, premiums can vary by age and location as long as they do not exceed a ratio of 1.5.
While the ACA limits the premium variations based on location for affordable health insurance in the state, eight states do not follow these guidelines. New York, Vermont, and Massachusetts do not use age as a determining factor. Other states, such as Alabama, Massachusetts, Mississippi, Oregon, and Utah, use slightly different formulas to calculate health insurance rates. These differences may result in high premiums for some residents, despite the fact that they have better health than others.
Out-of-pocket expenses for different tiers of plans
Health insurance companies have two main components of costs: the deductible and the out-of-pocket limit. Deductibles are the amounts a patient must pay before insurance will cover covered medical expenses, and out-of-pocket limits are the maximum dollar amount a patient must pay for care during the year. In 2020, a catastrophic plan’s deductible is $8,150 for an individual and $16,300 for a family. Once this limit is met, the plan will pay the rest of the medical expenses.
High out-of-pocket expenses can be dangerous. High costs have been associated with poorer medication adherence and delayed treatment for chronic diseases. According to the Kaiser Family Foundation, one in ten Americans under the age of 65 spent at least $5,000 on medical care in 2017. One in five spent more than $1,700 on medical services in 2017. Health insurance plays an important role in protecting people from catastrophic spending.
Blue Cross and Blue Shield of Illinois
The affordable health insurance plans offered by Blue Cross and Green Shield of Illinois follow the guidelines set by the Affordable Care Act (ACA). They provide the same essential health benefits, quality of care, and out-of-pocket costs. The only difference between these plans is their monthly premium and the number of medical services they cover. Whether you’re looking for individual health insurance or a family plan, Blue Cross and Green Shield of Illinois is the company to turn to for coverage.
The costs of Illinois health insurance vary depending on the number of individuals covered, their age, and the level of coverage chosen. While children’s coverage costs to flat rates, premiums increase as the child grows older. Spouse coverage is priced according to age. In Illinois, Blue Cross and Green Shield of Illinois health insurance plans are among the most affordable. They are available through licensed agents or through the Health Insurance Marketplace. You can download brochures and fact sheets from Think Blue’s website.
