Cheap Health Insurance Illinois 2021

Last modified: September 8, 2021

Finding affordable health insurance in Illinois can be quite challenging due to the rising costs of insurance in the state. In this article, we will list down cheap health insurance providers in Illinois to help you choose the best plan for your needs. The article also aims to provide a better understanding of the Illinois health insurance marketplace.  If you are looking for health insurance in other states, make sure to check our list of best health insurance companies in the US.

Some people in Illinois also opt for state marketplace for health insurance plans. This marketplace offers subsidized plans in a live enrolment session. Through this article, we will help you find the best affordable plans even if you miss out on this enrolment session. Some of the popular providers include Blue Cross Blue Shield, Ambetter, Aetna, and Assurant. Take a look at the following list of cheap health insurance providers in Illinois.

List of Providers and Comparison of Plans

There are several health insurance companies in Illinois that you can choose from according to your requirements. Some of them are listed below:

Aetna

Aetna is one of the oldest and best health insurance providers in Illinois. The company is financially stable and secure for the future. Aetna offers a wide range of individual, family, Medicare, and employer health insurance plans. Here is a list of some of the health insurance plans offered by Aetna:

Health Maintenance Organization (HMO)

HMO is the cheapest type of health insurance because it is a budget-friendly plan. It has low premiums and deductibles and fixed co-pays for visits to a doctor. You can select your doctor within the provided network while signing up for the plan.

Point of Service (POS)

This is an affordable plan with the out-of-coverage network coverage. POS requires you to get a referral from your primary care physician before seeing a specialist. However, the premiums under this plan are slightly higher than the premiums under HMO. POS covers doctors that are outside the network, which is a plus point, especially if your doctor is not within the network.

Exclusive Provider Organization (EPO)

EPO is not as popular as POS and HMO. The plan covers doctors that are within the network, but the size of the network is larger than that of HMO. Moreover, you may or may not be required to submit referrals to your primary care physician. The premiums under this plan are higher than HMO but lower than POS.

Preferred Provider Organization (PPO)

The premiums under PPO are slightly higher than HMO and POS. The good thing about this plan is that it allows you to see specialists and doctors outside of the network without a referral. Copays and coinsurance for in-network doctors are low. So, if you can afford higher premiums and know that you will require more coverage in the future, this plan is the right choice for you.

Assurant

Assurant is a major health insurance provider in Illinois. They offer individual, family, and employer health insurance plans. The company provides comprehensive plan solutions to subsidy-eligible customers and has a broad network of doctors. It also offers major medical plans and small group fully insured plans to many states across the USA.

What’s included in Assurant Health Insurance?

  • Outpatient surgery
  • Immediate medical attention
  • Hospitalization
  • Prescription drugs
  • Diagnostic tests and imaging
  • Primary care
  • Preventive care services
  • Mental health, behavioral health, or substance abuse needs
  • Pregnancy care
  • Child dental or eye care
  • Rehabilitation and habilitation services

Blue Cross Blue Shield

Blue Cross Blue Shield is an excellent choice for affordable health insurance plans in Illinois. You can find a wide range of options for individual, family, and employer health care plans. The Affordable Care Act (ACA) allows individuals to avail of financial assistance by reducing the monthly cost of health care expenses according to their annual income. The following are some of the plans provided by Blue Cross Blue Shield:

  • Affordable Care Act Plans
  • Short Term Plans
  • Medical Indemnity Plans
  • Medicare Insurance

Ambetter

Ambetter offers some of the cheapest health insurance plans in Illinois. They offer bronze, silver, and gold health insurance plans.

Bronze Plans

These plans have the lowest premiums but the highest expenses to pay out of pocket.

Silver Plans

Silver plans have slightly higher premiums than bronze and generally lesser out of pocket expenses.

Gold Plans

These plans have the highest premiums and the lowest expenses for out of pocket payment.

Humana

Humana health insurance is quite popular in Illinois. They offer different categories for health insurance plans, such as individual and family. Humana has all sorts of affordable health care plans. Apart from HMO and PPO, Humana also offers the Traditional Indemnity Plan. Under this plan, you have the freedom to choose a healthcare facility or a doctor. However, this plan is much more expensive than HMO and PPO.

Cheapest Health Insurance Plan by Cities in Illinois

Finding affordable health insurance in Illinois can be a daunting process. The city you live in also makes a significant difference when it comes to finding the right plan. Here are some of the cities that have the cheapest health insurance in Illinois:

  • Chicago
  • Aurora
  • Naperville
  • Joliet
  • Rockford

The cheapest health insurance in Illinois for most people is the POS 3000 Elite Silver Plan by Health Alliance. It has a premium rate as low as $546 for individuals aged 40, $1,093 for couples aged 40, and $1,420 for a couple with a child. It is the cheapest health insurance plan in 73% of the cities in Illinois.   

Average Cost of Health Insurance by Family Size in Illinois

The average cost of health insurance in Illinois is determined by the size of the family and their respective ages. If you add children to your health insurance plan, then the cost of coverage for each child will remain consistent till the age of 14, and the cost of your spouse is determined by their age.

The cost will also depend on the type of insurance plan you choose. The average cost to cover a family of three members with a silver plan is $1,564.

Similarly, adding a spouse to your silver plan will increase the cost by $505 on average in Illinois (aged 40). Some of the Illinois health insurance quotes according to family size are mentioned below:

Illinois Health Insurance Guide and Resources

Illinois provides several types of health insurance plans for you and your family. Some of them are listed below:

Employer Health Insurance

Most employers in Illinois choose to purchase group health insurance plans for their employees and their families. Employers are not required to offer group healthcare insurance to their employees; however, if coverage is provided, Illinois Insurance laws are mandatory to follow.

There are also self-insured plans where the risk of claim payment is on the employer rather than the insurance company. However, third party administrators reimburse the amount to the employer.

Private Health Insurance Plans

There are several private health insurance options available in Illinois. You can opt for individual or family insurance plans depending on your requirements. Factors such as age, gender, family size, etc., determine the type of health insurance plan you should get. It is recommended that you put in substantial research beforehand to familiarize yourself with the various Illinois private health insurance options available.

Government Assisted Insurance

Medicare

Medicare was introduced by the government to provide health insurance coverage to the following individuals:

  • Age group 65 or above
  • Disabled individuals who are under 65 and receive benefits from Social Security or the Railroad Retirement Board.
  • Individuals who have End-Stage Renal Disease (ESRD)
  • Individuals who have Amyotrophic Lateral Sclerosis (ALS)

You can be considered eligible for Medicare in Illinois if you are a US citizen or a permanent legal resident who has lived in the US for more than five years. A total of 2,269,090 people living in Illinois were enrolled in the Medicare program in the year 2020. The average premium decreased from $16.96 in 202 to $14.76 in 2021.

Medicaid for Children

If you’re looking to be eligible to enroll in Illinois Medicaid, it’s necessary for you to either reside in Illinois, be a US national, or a permanent resident in need of affordable healthcare.

According to ACA, adults who fall under the age group 19 to 64 and individuals whose income is 138% of the federal poverty level can receive medical coverage in Illinois.

Tips to Save On Health Insurance in Illinois

The premium rates for Illinois health insurance can vary due to several factors. Some of the key factors that you should keep in mind are:

  • Body mass index
  • Tobacco use
  • Age
  • Location
  • Cost-sharing reductions
  • Should you apply as family or individuals
  • Pre-existing conditions
  • Gender
  • Insurance and medical history

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

When is Illinois open enrollment for 2021 health insurance coverage?

Enrolment for Illinois started on January 1st, 2021, under the ACA.

Did Illinois expand Medicaid?

Illinois expanded Medicaid in 2014.

Is Health Insurance Mandatory in Illinois?

Health insurance isn’t mandatory in Illinois. Employers don’t have any legal obligation to opt for health insurance for their employees.

What is the income limit for Medicaid in Illinois?

Individuals with a monthly income of $1,366 per individual and $1,845 per couple can apply for Medicaid in Illinois.

What are Short term health insurance conditions?

Illinois short term health insurance plans offer people healthcare coverage for up to six months (fewer than 181 days) with no permitted renewals within 365 days from the time the individual’s coverage under the policy ends.

What is the uninsured population rate in Illinois?

11.5% of people don’t have health insurance in Illinois.