Governor Quinn Announces Health Plan Rates are 25 Percent Below HHS Estimates

For Immediate ReleaseTuesday, September 24, 2013ContactPress Line: (312) 814-3158Mike ClaffeyMike.Claffey@illinois.govGovernor Quinn Announces Health Plan Rates are 25 Percent Below HHS Estimates.

95 Percent of Illinois Residents will have Access to at Least 34 Plans. Rates Will Be as Low as $120 Per Month for a 25-year-old in ChicagoCHICAGO –Governor Pat Quinn today announced that rates for the benchmark plans that will be offered on the Illinois Health Insurance Marketplace are more than 25 percent below U.S. Health and Human Services (HHS) estimates.

The Governor made the announcement as Illinois is awaiting final federal approval for 165 health plans that are expected to be offered by eight insurers as options on the Illinois Health Insurance Marketplace. Today’s announcement is part of Governor Quinn's commitment to improve the health and wellbeing of the people of Illinois, and ensure that all people have access to quality health care.

“All health insurance plans offered through the Illinois Health Insurance Marketplace are designed to meet the needs of individuals, families and small business owners across the state,” Governor Quinn said. “I am happy to say that starting in October, Illinois residents will be able to select a plan that is affordable and meets the healthcare needs of their families. The number and quality of affordable health plans that will be offered through the Illinois Marketplace is impressive.”

Health insurance plans offered through the Marketplace will be categorized as bronze (lowest cost), silver, gold or platinum (highest cost) based on how costs are shared. For example, bronze plans are likely to have lower premiums but higher out-of-pocket costs such as deductibles, co-pays and co-insurance.Illinois’ rates are lower than was predicted by HHS and lower than many other states.

For example, the lowest proposed monthly rate for a bronze plan for a 25-year-old is $120 in Chicago or $128 in Peoria; for a 40-year-old it would be $152 in Chicago or $163 in Peoria; and for 60-year old consumer it would be $323 in Chicago or $346 in Peoria.

Full release http://www.flexiblebenefit.com/sites/default/files/docs/producer/e-news/092413CC-Governor-Quinn-Anno...