Illinois Gov. Pat Quinn announced yesterday that premium rates for the benchmark health plans sold through the Illinois health insurance exchange are more than 25 percent lower than HHS projections.
Illinois residents purchasing coverage through the new marketplace under the Patient Protection and Affordable Care Act will pay similar or lower health plan premiums compared with consumers in nearly all other states that have released exchange pricing information, according to a news release.
For instance, the lowest proposed monthly rate for a bronze-level plan for a 25-year-old is $120 in Chicago. The lowest premium rates for bronze plans for 25-year-olds in Denver and Seattle are $146 and $147, according to the release. In 2010, the average per person monthly premium for individual coverage was $203 in Illinois, according to the Kaiser Family Foundation.
Illinois is awaiting federal approval for 165 health plans offered by eight insurers that have opted to participate in the state exchange under the healthcare reform law, according to the release.
The state's exchange rates fall in line with recent research showing premiums in marketplaces across the nation are lower than expected. A Kaiser Family Foundation report examined rate filings from 17 states and the District of Columbia and found premiums are generally below the latest Congressional Budget Office projections, which suggest a $320 per month premium for a 40-year-old in the second-lowest-cost silver plan.
More Articles on Health Insurance Premiums:
Arkansas Releases Premium Rates for Health Insurance Exchange
HHS: Most Uninsured Could Get Coverage Under PPACA For Less Than $100
Maryland Approves PPACA Exchange Premiums for Small Businesses
