Data released concerning state health insurance exchange
Open enrollment for health insurance exchanges throughout the U.S. is about to begin and more states are beginning to release information concerning the policies sold through these exchanges. Illinois is among the latest states to provide new information for its health insurance exchange. The information primarily focuses on the premiums associated with the state’s exchange but also highlights the various services offered by the system and promotes awareness concerning the availability of federal subsidies designed to offset the cost of coverage.
Rates to be lower than national average
According to Illinois officials, rates for policies sold through the state’s health insurance exchange will be lower than the national average. According to state and federal data, individuals in certain parts of the state making at least $23,000 a year could see premiums as little as $69 a month for the policies they purchase through the state’s exchange. This particular demographic will be eligible for federal subsidies, which have been factored into the estimated rate they have access to. Without federal subsidies, coverage is expected to be somewhat more expensive.
All policies sold through the exchange will offer coverage for basic services
The Illinois health insurance exchange boasts of 165 plans provided by many of the state’s most prominent insurers. All of these plans must provide coverage for 10 basic services that have been defined by the state’s Department of Insurance. These basic services include maternity care, prescription medications, emergency care, and mental health. As in other states, policies offered through the Illinois exchange are available in Platinum, Gold, Silver, and Bronze tiers. Policies in higher tiers are more expensive, but offer better coverage options.
Some consumers may receive free health insurance
According to the state’s information, a family of four with a combined income of $50,000 is likely to spend $84 a month on coverage, after receiving some $400 in federal assistance. Those above the age of 55 with an income of $40,000 are expected to pay $70 for coverage, after federal aid. Some consumers living in Peoria County with an income of $40,000 are expected to receive free health insurance due to the availability of federal subsidies.