Illinois Health Insurance

Different states can have widely-varying health insurance regulations, and in Illinois these laws are particularly lax.  It is therefore in your best interest to learn as much as you can about what you can expect from insurers in this state, as well as what you should not take for granted.  Below is a list of major considerations to account for when shopping for health coverage in Illinois.

• Like most states, Illinois requires its health insurance companies to offer guaranteed renewability for all health policies they sell.  This means that, so long as your premiums are paid in full, your existing coverage cannot be terminated by your insurer without your express consent.
• Another advantage enjoyed by Illinois residents that currently have individual health insurance is built-in accommodation for family growth, as your individual policy will automatically cover newborn or adopted children for 31 days.
• As is common in most states, Illinois allows its health insurers to designate any pre-existing condition as exempt from coverage when creating a new policy.  “Pre-existing conditions” are, in this case, any health issues that were diagnosed or treated before the policy went into effect.  This exemption can last for any duration, and can even be permanent.  If you switch to a new health plan, your exemptions may also be changed without regard for any previous delays in coverage.
• The cost of health coverage is not significantly controlled under Illinois state law, so your premiums may dramatically change on the basis of age, health, or nearly any other risk factors your insurer chooses to consider.  If you are currently seeking new coverage, insurers also have the option of refusing to sell to you based on these criteria.  Since the only guarantee you can expect is the renewability of an existing policy, it is crucial to purchase health coverage when you are as young and healthy as possible.
• Small businesses in Illinois are guaranteed the ability to purchase any group health plan that is currently being offered to other small businesses in the same state, although this coverage may come with certain restrictions or requirements.  For example, your insurer may stipulate that the policy will terminate unless a sufficient percentage of your employees participate.  Your company may also be required to pay a certain amount of each employee’s premiums on their behalf.  As with individual coverage, no insurance company may cancel your small business’s health policy due to illness among the insured.
• If you are self-employed and do not have at least one employee, your enterprise is not considered a “small business” by Illinois law for the purpose of buying health coverage.   On the other hand, you may be able to deduct a large percentage of the premiums for your individual health insurance from your overall tax liability.

The competitiveness of the health insurance marketplace can be used to your advantage, but you must take care to remain well-informed throughout the process of buying health coverage.  Ideally, you should make sure to compare the offers of several different companies, and go over the details of the best offers, before buying any new policy. 

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