SPRINGFIELD, Ill. — 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 state Insurance Department submitted rates to the federal government Wednesday, the Chicago Tribune reported.
The department’s analysis shows the average increases for different levels of plans across the state, breaks down some of the likely increases by county and shows which insurers will offer plans where. It comes after proposed rate increases from insurers were released last month.
The rates would jump by 16 to 37 percent, increasing the average cost of the lowest-priced silver plans by 35 percent statewide. The lowest-priced bronze-level plans would increase by 20 percent and that the lowest-priced gold plans would increase by 16 percent.
The department generally can’t reject or change proposed rates, but it does have the power to try to negotiate them.
Residents also will see less completion among insurance providers because the number of counties that have only one insurer on the exchange is expected to go up.
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.
Information from: Chicago Tribune, http://www.chicagotribune.com