How Much Is Health Insurance a Month in Illinois
Health insurance is a form of protection that helps you pay for medical care. Your health insurance can assist in covering a percentage of the cost of any hospital treatments, specialists’ visits, prescription drugs, and lab tests you want. You will no longer face a tax penalty for not having health insurance coverage, but it’s typically not good to go too long without protection. An accident or illness can strike at any time— and if you do not have insurance, you will need to cover 100% of the bill.
Many persons get their health insurance through their employer or a government program such as Medicare or Medicaid. If you do not qualify for government-sponsored health insurance or insurance through your employer, you can buy an independent health insurance plan through the Affordable Care Act (ACA) Marketplace.
When you start shopping for insurance, you might notice several prices listed for every plan. Let’s take a closer look at a few cost-related terms you have to know before purchasing a plan:
- Premium:Premium is the monthly bill paid to the insurance provider in exchange for health insurance coverage. You need to pay your premium every month, even if you don’t see a physician during any given month.
- Deductible:Your deductible is a set dollar amount that you require to spend on your own insurance expenses before your insurance begins covering your bill. For instance, if you have a deductible of $1,000 and you get a $2,000 hospital bill, your insurance won’t begin paying out before you pay off $1,000 of your bill.
- Coinsurance:After meeting your deductible, you only need to pay your coinsurance percentage of any medical bill you receive. Your insurance provider covers the remaining part of your bill. For instance, let’s say that you have a plan with a coinsurance rate of 20%, and you receive a medical bill for $1,000. You would pay 20% of this bill ($200), and your insurance would cover the remaining 80%.
- Out-of-pocket maximum: Your out-of-pocket maximum is the maximum dollar amount you will spend on health care in a given year. After you hit your out-of-pocket maximum, your insurance covers 100% of any other medical care expenses you accumulate.
The Average Cost of Health Insurance in Illinois
The average Illinois resident pays about $536 every month for their health insurance plan. Nevertheless, you might qualify for a subsidy to help you pay for your premium’s monthly cost. Start by creating an account on the federal government’s official website for the Affordable Care Act Marketplace. After answering a few questions about your income, you will see federal subsidies you are eligible for.
Types of Health Insurance Plans in Illinois
When you shop for health insurance, you might notice many types of plans available from a single insurance company. Let us take a look at a few of the most common forms of insurance plans you might see on the Marketplace.
- Health maintenance organization (HMO): When you enroll in an HMO plan, you will receive information on local physicians and medical care specialists who accept your insurance. You must select a primary care provider from this list, and you must stick to hospitals and specialists within your system. The only exception is in the event of an immediate emergency.
If you go outside your plan network at any other time, you cannot use your benefits. You will also require a referral from your primary care provider before you can see a specialist. HMOs are the most affordable health insurance choice, but they give you the least freedom to select your insurance.
- Preferred provider organization (PPO): PPO plans allow you to see any physician or specialist you would like, irrespective of whether they are in your network. They also allow you to see a specialist without getting a referral from your physician. PPO plans are costly than HMOs but might be worth the cost if you have a doctor you want to continue seeing.
- Point-of-service (POS) planPOS plans work as a combination of an HMO and a PPO. On a POS plan, you can see any physician you want — but you can save some dollars by staying within your network. You also usually require a referral before you can see a specialist.
Resources and References: