K-12 Tax & Spending Climates: Illinois Plans 43 to 55% Health Insurance Increases
Illinois consumers are one step closer to facing sky-high increases for individual health insurance plans purchased through the Affordable Care Act’s marketplace.
The Illinois Department of Insurance said Wednesday it has submitted rate increases to the federal government that for some types of plans average 43 percent to 55 percent.
The Center for Medicare and Medicaid Services will decide rates. But the numbers released Wednesday confirm the fears of consumers, who’ve already watched a number of insurance companies withdraw from the Obamacare exchange because of financial losses, limiting choices as people prepare to enroll for 2017.
Rates could increase by an average of 44 percent for the lowest-priced bronze plans, 45 percent for the lowest-priced silver plans and 55 percent for the lowest-priced gold plans, according to a preliminary analysis released by the state Wednesday.
Here’s what those percentages mean: A 21-year-old nonsmoker buying the lowest-priced silver plan in Cook County next year could pay a premium of $221.13 a month, up from $152.42 a month this year.
