Illinois Health Care Exchange Rates Could Increase By 2018

Sep 21, 2017

A report from an Illinois agency says residents who buy insurance on the state's health care exchange could see rate increases for the lowest-priced plans by 2018.

The Chicago Tribune reports the state Insurance Department submitted rates to the federal government Wednesday. The rates would jump by 16 to 37 percent, increasing the average cost of the lowest-priced silver plans by 35 percent statewide.

The department's analysis says the lowest-priced bronze-level plans would increase by 20 percent and that the lowest-priced gold plans would increase by 16 percent.

Residents have acquired health insurance through employers or government programs in recent years. But over 350,000 Illinois residents enrolled in the exchange plans in 2017.

Rates will be finalized in October. Consumers will start choosing plans when open enrollment begins Nov. 1.