There are many options in Illinois when it comes to health insurance. There are POS plans, high-deductible plans, low-out-of-pocket maximums, and even short-term plans. These will allow you to get coverage faster and for less money than you might otherwise pay. However, you need to choose the right plan for you based on your needs.
High premiums
A recent survey of Illinois adults reveals that many of them are worried about the rising costs of health insurance. Nearly half of those who do not have health insurance cite cost as their primary reason for not having insurance. Others cite problems getting mental health care or addiction treatment. No matter what the main reason is, high premiums are a major barrier to getting medical care.
The Illinois health insurance market has many different types of plans. For example, Blue Cross Blue Shield offers health insurance plans for employer groups, including group health plans. These insurance plans are categorized into metal tiers, which indicate the cost of coverage for a given amount of coverage. The lower tiers are cheaper and offer lower premiums. Higher-tier plans offer higher premiums and lower out-of-pocket costs.
Premiums also vary depending on how many people are covered and their age. For example, coverage for children under 14 costs a flat amount, but increases as the child ages. In contrast, coverage for spouses is priced according to age, so if you have a young child, you may want to look for a lower-tier plan.
Original Medicare does not cover most prescription drugs. Approximately 1.1 million people in Illinois enrolled in a Medicare Part D plan in 2018. Residents can choose from more than one insurance carrier in most counties, but only Health Care Service Corporation offers statewide plans. The other four carriers offer plans in select counties.
Although Illinois health insurance premiums are high, the state’s average is lower than the national average. If you plan to use a doctor often and have high medical expenses, you should consider a higher-priced plan with a low out-of-pocket maximum. These plans can quickly reach their maximum coverage limits if you need more frequent visits. Alternatively, you can consider investing in a health savings account, which is a good way to save for future medical costs. However, you should note that health savings accounts have high deductibles.
Low out-of-pocket maximums
The deductible is the part of a health insurance policy that you’re responsible for. You may have to pay a large percentage of the cost before your insurance kicks in, but if your out-of-pocket maximum is low, your plan will still cover most of your expenses. In some cases, however, your deductible can be so high that you’ll have to pay for services that you don’t actually need. If this happens, there are ways to minimize your costs.
To find health insurance plans with low out-of-pocket maximums, use the Health Insurance Marketplace. This website lets you compare plans side by side and download detailed plan documents. The lowest cost plans are called bronze plans. They cover up to 60% of covered costs. You’ll have to pay the remaining 40%. In Illinois, the lowest-cost Bronze plan costs just $331 a month.
Silver plans typically cost a little more than Bronze plans, but they cover more services. In Illinois, Silver plans cover 70% of covered expenses. These plans typically have higher monthly premiums, but their out-of-pocket maximums are lower. In general, a Silver plan costs around $413 per month.
Health insurance premiums in Illinois vary according to the age and number of people being insured. Children under the age of 14 pay a flat rate. As the child grows older, premiums increase. Spouses are priced according to their age. If your family is large enough, you can choose a plan with a higher out-of-pocket maximum.
Low out-of-pocket maximums are important when choosing health insurance in Illinois. These plans will allow you to pay a minimal amount for medical services. Prescription drugs are often included in the cost of the health plan. Many plans also include health savings accounts (HSAs). These accounts allow you to save money for medical expenses. Plus, you won’t have to pay taxes on the money you save.
