Northern Illinois to See Biggest Spike in Health Insurance Costs

The majority of Illinoisans who bought health insurance plans through the federal marketplace should expect to see their premiums increase in 2016, according to new data released by the Department of Insurance.

In some parts of the state, particularly in northern Illinois, premiums are increasing by as much as 28 percent for mid-range plans. While rate increases for the majority of Illinois counties will range from 5 percent to 10 percent for the cheapest silver plan and 15 percent to 20 percent for the second-cheapest silver plan, Cook County is the only one of the state’s 13 “Rating Areas” in which rates will drop next year — by an average of 8 percent.

More from the Chicago Tribune:

Across Illinois, 2016’s second-cheapest silver plan is rising an average of 6.1 percent, according to the U.S. Department of Health and Human Services. Health insurance policies sold on the federal exchange are arrayed in bronze, silver, gold and platinum categories, with silver considered the mid-range plan.

Illinois’ price hike on the silver plan compares favorably against a block of other states. Across all 37 states that rely on the federal exchange as the enrollment system for people who buy health plans under the Affordable Care Act, the cost of the second lowest-cost silver plan will increase on average 7.5 percent next year.

It’s important to note price decreases in Chicago are helping to keep the statewide average increase low. Residents in each county will have a minimum of 37 plan offerings from 10 different insurers to choose from in the individual market place.

Here are some important highlights from the Illinois Department of Insurance’s analysis of 2016 health insurance plans and rates for each county and rating area.

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