Enrollment opens Nov. 15 for Illinois residents using Obamacare health insurance on the Get Covered Illinois marketplace. But will next year's rates go down or up as the Department of Insurance predicts for coverage in Illinois? We'll talk about the new health care choices people have here and also take a look at what Obamacare might look like with changes the incoming Republican Congressmen are promising. Plus, we examine the Supreme Court challenge to tax credits for millions of people living in the 36 states that did not set up their own Obamacare insurance exchanges. And we'll see where Illinois stands on creating the state's own exchange.
For coverage starting in 2015, the Get Covered Illinois Open Enrollment Period is Nov. 15, 2014-Feb. 15, 2015. An individual’s coverage start date depends on when a health insurance plan is purchased.
Applications for Medicaid and All Kids are accepted at any time of the year. Individuals may qualify for Special Enrollment Periods outside of Open Enrollment if they experience certain life events, including certain changes in income, losing employer coverage, and getting married. Individuals can qualify for a Special Enrollment Period of 60 days following certain life events.
Health Plans on the Get Covered Illinois Marketplace are grouped by metal levels ranging from Bronze (for lowest cost premiums) through Silver, Gold and Platinum (highest premiums). By law, every insurance plan on the Marketplace will include the following 10 Essential Health Benefits:
- Outpatient services
- Emergency services
- Hospitalization
- Maternity and newborn care
- Mental health and substance use disorder services
- Prescription drugs
- Habilitative and Rehabilitative services and devices
- Laboratory services
- Preventative and wellness services and chronic disease management
- Pediatric care
View the graph below to see how out-of-pocket costs and costs covered by selected health plans vary.
Read the fact sheet for more information about health insurance costs.
During the first year of enrollment, 56 percent of those who enrolled picked a Silver plan, 29 percent picked a Bronze plan, 15 percent picked Gold and 1 percent picked Platinum. According to the Illinois Department of Insurance, more than 400 Qualified Health Care Plans are being offered under the Affordable Care Act in 2015, which is more than double the 165 offered in 2014.
According to an example by the DOI, a single 30-year-old living in Chicago or Peoria with an income of $23,000 could be eligible for a subsidy of $72 per month in Chicago or $88 in Peoria. That would bring an individual’s monthly cost down to $119 per month in both cities for 2015 on the second lowest cost Silver plan, compared to paying $121 per month for that plan in 2014. A couple from Chicago or Peoria, both aged 55, with a household income of $40,000 could be eligible for a subsidy of $479 in Chicago and $540 in Peoria. That could bring their costs for the second lowest Silver plan to about $273 per month in 2015 compared to about $276 per month for that plan in 2014.
Use the Health Marketplace Calculator to see an estimate of how much health insurance premiums and subsidies could be.
Note: The Health Insurance Marketplace Calculator is currently based on 2014 premiums. The tool will be updated as soon as 2015 premiums become available for all states, which will most likely be in mid-November.
