Best Health Insurance Companies In Illinois - In 2022, the average cost of health insurance in Illinois is $507 per month for a 40-year-old. This is a 6% increase in spending compared to 2021.
The cheapest silver health plan for most people is the Health Alliance 2022 POS 3000 Elite. It's the cheapest option in 53% of Illinois counties. Alternatively, shoppers can find inexpensive health insurance with Blue Choice Preferred Silver PPO, the cheapest option in 20% of counties.
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We've compared the monthly premiums of all Illinois plans to determine the most affordable health insurance available in each plan level and help you get started in finding the best policy for your preferred level of coverage.
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The actual range of insurance companies and health plans offered will vary depending on the county you live in, so the below may not be available where you live. However, we recommend using them as a starting point to estimate the benefits and cost-sharing you can expect for a given level of coverage compared to insurance rates.
The actual cost of an Illinois health insurance plan will be based on your age and the ages of the family members covered by the policy.
For example, if you're 21, your health insurance rates will be 22% cheaper than what a 40-year-old would pay for the same level of cover. At the same time, 60-year-olds pay 112% higher rates than 40-year-olds.
This applies to all levels of cover, although the price difference will be greater or less depending on the level of cover chosen. For example, a 40-year-old would pay an average of $97 more per month than a 21-year-old for a bronze health plan, but $121 more per month for the average silver plan.
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The range of available insurers varies by county, so the best health insurance plan available to you in Illinois will depend on where you live and the level of coverage you choose. Health plans with a higher level of metal, such as gold policies, have more expensive monthly premiums, but significantly lower out-of-pocket costs such as deductibles, co-pays and deductibles.
So if you have expensive prescriptions or worry about unpredictable costs throughout the year if you get sick, a plan with a higher metal level is likely to be your best health insurance choice. On the other hand, if you have large emergency savings to cover cost sharing but no expected medical expenses and want to keep your monthly rates low, a plan with lower metals may be the cheapest.
Gold health insurance plans have the lowest variable health care costs, such as deductibles and co-payments, which you must cover before your policy pays for medical expenses. However, the gold plans also come with the most expensive monthly rates. Therefore, these health plans are best if you have high expected medical expenses, such as ongoing prescriptions, or are concerned about not being able to pay out-of-pocket for an unexpected condition.
The cheapest gold plan in Illinois is Ambetter Secure Care 5. Compare all tiers in Illinois above.
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Silver health plans are a good middle ground between bronze and gold plans, combining affordable monthly premiums and out-of-pocket costs. So, for example, if you can't afford the Illinois gold plan rates but would struggle to cover the high deductibles and co-payments on the bronze plan, the silver plan may be the best alternative.
For low-income households, Medicaid is available to those with incomes up to 138% of the federal poverty level because Illinois expanded coverage under the Affordable Care Act (ACA). If you earn too much to qualify for Medicaid, a silver plan may be the most cost-effective option for health insurance coverage because these policies are eligible for cost-cutting subsidies.
The cheapest silver plan in Illinois is Ambetter Balanced Care 12. Compare all tiers in Illinois above.
These policies have cheap monthly health insurance premiums but much higher cost sharing. So if you need medical care during the year, you have to pay more out-of-pocket before coverage kicks in.
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For example, the WellFirst Bronze Value plan has an $8,650 deductible, which is much higher than the $1,450 deductible with the cheapest gold plan. If you expect to have low health care costs and can cover the high costs of emergency care, a bronze plan may be your best option for low cost health insurance coverage.
You can only qualify for catastrophic health plans if you are under 30 or meet certain waiver requirements. You also can't use the premium tax credit to reduce the cost of a catastrophic plan. Bronze plans, on the other hand, are available to anyone and are eligible for premium tax credits.
The health insurance tariff is determined by individual health insurance companies. Once the rates are set, they are submitted to the federal health insurance exchange for approval.
In 2022, the average cost of health insurance across all plan levels in Illinois will increase by 6%. The biggest jump was for bronze plans, with prices increasing 26% this year, bringing rates back to roughly 2020 levels. Among other plan tiers, rates for 2022 have increased between 1% and 4%.
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In Illinois, short-term health insurance can be purchased from insurance providers outside of the state health insurance exchange. Currently, the state limits the duration of short-term health insurance to six months and prohibits their extension. Additionally, you cannot purchase a new short-term plan from the same insurer within 60 days of your last short-term policy ending.
It's important to note that short-term health insurance plans typically don't cover the same benefits as health policies in the ACA marketplace. This may mean that essential benefits and pre-existing conditions are not covered.
Eight health insurance companies operate on the Illinois State Exchange, although not all available insurance companies operate in every county.
We recommend starting your search for the best health insurance with Health Alliance plans. These plans are available in 83 districts and are the cheapest silver plans available in 54 districts.
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The insurers and health plans offered in the Illinois health insurance marketplace will vary depending on the county in which you live. To help you find the best low-cost health insurance policy for your family, we analyzed all plans in the state and identified the most affordable silver plan in each county. Below you can see sample monthly rates for each of the health plans.
Monthly price for the cheapest silver plan based on quotes for a 40-year-old adult and children under 14.
The amount you pay for a particular health insurance policy in Illinois is determined by the number of people covered and their ages. If you add your children to your health insurance, the insurance for each child will cost a flat rate until the age of 14, after which their premiums will increase with age. If your spouse is covered by your health insurance company, their costs are determined by age – just like your cost of coverage.
The cost of health insurance for your family will depend on the plan you choose, but the average cost to cover a family of three in Illinois with a silver plan is $1,444 per month, assuming two 40-year-old parents and one child. The first child added to the plan increases monthly premiums by an average of $333.
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Similarly, adding a spouse to your silver policy increases your monthly premium by an average of $556 in Illinois, assuming he or she is 40 years old. If you're the same age, this effectively doubles your monthly health insurance costs.
Sample rates are based on the average monthly cost of a silver plan in Illinois for adults age 40 and children 14 and under.
The average cost of a Silver health insurance plan in Illinois is $556 per month. That rate is more than 2 percent higher than the national average of $541 a month.
To get health insurance in Illinois, you apply through the federal health insurance exchange. You can view and compare plans or create an account and apply online. During the application process, you will find out if you are eligible for premium assistance or cost-sharing subsidies.
Best Illinois Health Insurance For 2022
For the best cheap health insurance in Illinois, we recommend starting with the 2022 POS 3000 Elite plan from Health Alliance Medical Plans Inc. It's the cheapest silver plan in 53% of Illinois counties. If the Elite plan is not sold in your area, the Blue Choice Preferred Silver PPO is the cheapest option for residents in 20% of counties. Other plan levels available in Illinois include Catastrophic, Bronze, Bronze Extended and Gold, which offer different levels of coverage and may be a better choice depending on your health care usage.
The Illinois health insurance rates and plans listed above can be found on the government's Centers for Medicare & Medicaid Services (CMS) website. Using Public Use Files (PUFs), premiums were averaged by various factors such as metal grade, county, and family size. Our analysis used plans and providers for which county-level data were included in the CMS Crosswalk file; those excluded from this data set may not be displayed.
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