Best Cheap Health Insurance in Illinois 2022 – ValuePenguin

The cheapest silver health insurance plan for most people is health alliance 2022 pos 3000 elite. this is the cheapest option in 53% of illinois counties. Alternatively, shoppers can find cheap health insurance with the blue option preferred silver ppo option, which is the cheapest option in 20% of counties.

the cheapest health insurance by plan level

We compare the monthly premiums of all illinois plans to determine the most affordable health insurance policy available at each plan level and help you get started in finding the best policy for your preferred level of coverage.

Reading: How much is health insurance in illinois per month

The actual set of insurance companies and health plans offered will change depending on the county you live in, so those listed below may not be available where you live. but we recommend using them as a starting point to assess the benefits and cost sharing you can expect for a given level of coverage compared to a policy’s rates.

The actual cost of an illinois health insurance plan will be based on your age and the ages of family members covered by the policy.

For example, if you’re 21, your health insurance rates would be 22% cheaper than what a 40-year-old would pay for the same level of coverage. at the same time, 60-year-olds pay 112% higher rates than 40-year-olds.

This is maintained at all levels of coverage, although the price difference would be higher or lower depending on the level of coverage 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 an average silver plan.

find the best health insurance coverage in illinois

The pool 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 chosen. higher metal tier health plans, like gold policies, have higher monthly premiums but significantly lower out-of-pocket costs, such as deductibles, copays, and coinsurance.

So if you have expensive prescriptions or are worried about unpredictable costs throughout the year if you get sick, a higher metal level plan is probably your best health insurance option. On the other hand, if you have big emergency savings to cover cost sharing but don’t expect medical costs and want to keep your monthly rates low, a lower metal tier plan may be the most affordable.

gold plans: best if you have high expected medical costs

gold health insurance plans have the lowest variable costs for health care, such as deductibles and copays, that you must cover before your policy pays health 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 costs, such as ongoing prescriptions, or are worried about paying out of pocket for an unexpected condition.

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the cheapest gold plan in illinois is ambetter secure care 5. compare all levels in illinois above.

silver plans: best for low-income families or those with average medical costs

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 fees of a gold plan in Illinois but would have trouble meeting the high deductible and copays of a bronze plan, a silver plan may be the best alternative.

For low-income households, Medicaid is available to those with income up to 138% of the federal poverty level because Illinois expanded its 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, since these policies are eligible for cost-sharing reduction subsidies.

the cheapest silver plan in illinois is the ambetter balanced care 12. compare all levels in illinois above.

bronze and catastrophic plans: best if you are in good health and have savings for emergencies

These policies have low monthly health insurance premiums but much higher cost sharing. therefore, if you need medical care during the year, you must pay more money out of pocket before the coverage kicks in.

for example, wellfirst’s bronze value plan has an $8,650 deductible, which is much higher than the $1,450 deductible with the cheaper gold plan. If you expect to have low medical expenses and can afford the high cost of care in the event of an emergency, a bronze plan may be your best affordable option for health insurance coverage.

You can only qualify for catastrophic health plans if you are under 30 or meet certain exemption requirements. You also can’t use a premium tax credit to lower the cost of a catastrophic plan. bronze plans, on the other hand, are available to anyone and are eligible for premium tax credits.

the cheapest bronze plan in illinois is the wellfirst bronze value. compare all levels in illinois above.

changes in health insurance rates in illinois

Health insurance rates are set by individual health insurers. once the rates have been determined, they are submitted to the federal health insurance exchange for approval.

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By 2022, the average cost of health insurance across all plan levels in Illinois increased 6%. The biggest jump was for bronze plans with prices rising 26% this year, bringing rates back to roughly their 2020 level. Among other plan tiers, 2022 rates increased 1% to 4%.

short term medical insurance in illinois

In illinois, short-term health insurance can be purchased from insurance providers outside of the state’s health insurance marketplace. The state currently restricts the length of short-term health insurance policies to six months and prohibits renewals. Also, you can’t buy a new short-term plan from the same insurer within 60 days of the end of your last short-term policy.

It is important to note that short-term health insurance plans generally do not cover the same benefits as health policies on the market here. this could mean no coverage for essential benefits and pre-existing conditions.

the best cheap health insurance companies in illinois

There are eight health insurance companies listed on the Illinois State Stock Exchange, although not all available insurers operate in all counties.

We recommend starting your search for the best health insurance with health alliance plans. These plans are offered in 83 counties, and in 54 counties, they are the cheapest silver plans available.

cheapest health insurance plan by county

Insurers and health plans offered in the illinois health insurance marketplace will vary depending on the county where you reside. To help you find the best affordable health insurance policy for your family, we looked at every plan in the state and identified the most affordable silver plan in each county. Below are examples of monthly rates for each of the health plans.

average cost of health insurance by family size in illinois

The amount you’ll pay for a particular illinois health insurance policy is determined by the number of people covered and their ages. If you add your children to your health insurance plan, coverage for each child will cost a flat rate until age 14, after which your premium will increase with age. If your spouse is covered by your health insurance policy, your price is determined by age, as is 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 parents are 40 and one child . the first child added to a plan increases the monthly premium by an average of $333.

Similarly, adding a spouse to your silver policy increases your monthly premium by $556 on average in illinois, assuming they are age 40. if you are the same age, this would effectively double the monthly cost of your health insurance.

frequently asked questions

methodology

The illinois health insurance plans and rates listed above can be found at the Centers for Medicare & Government of Medicaid Services (CMS) website. Using the Public Use Files (POFs), premiums were averaged across a variety of factors, such as metal level, county, and family size. Our analysis used plans and providers for which county-level data was included in the CMS match file; those excluded from this dataset may not appear.

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