Eight companies seek to sell their policies on the state exchange
Eight insurance companies are looking for approval to sell plans in the Illinois health insurance exchange. State officials note that there has been a surge in interest in the exchange coming from insurance companies. The exchange represents a competitive marketplace that is on its way to becoming one of the primary ways people find and purchase the coverage that they want. The new insurers looking to participate in the state’s exchange could bring some 504 new insurance plans to the digital marketplace.
Insurers are becoming more confident in exchanges as these marketplaces continue to find success
Insurers had initially been wary of the state’s insurance exchange due to uncertainty regarding whether or not the exchange would be able to operate as intended. The exchange suffered from some technical difficulties, but proved to be worthwhile for the insurance companies involved in the marketplace. Following the success of the exchange’s first open enrollment period, more insurers have become convinced that the exchange could hold a great deal of promise and many are now looking to participate in the state’s exchange.
Some larger insurers are not convinced that exchanges are viable considering certain market trends
While a growing number of insurance companies are eager to participate in Illinois’ exchange, others are not. The state’s second largest insurance company, UnitedHealthcare, has opted out of the exchange, citing uncertainty in the market as the primary reason for doing so. While some insurers have been won over by the recent successes of exchanges, others still see exchanges as risky markets that are susceptible to various trends that can catastrophic effects on insurance companies.
State’s insurance exchange will begin another open enrollment period in November, ending in December
The Illinois insurance exchange will begin another open enrollment period in November of this year. This enrollment period will be shorter than its predecessor, ending at some point in December. Consumers will have more options when it comes to purchasing policies from the exchange due to the larger number of insurance companies that will be participating in the marketplace.