Health Insurance Illinois

There are several types of insurance plans available to individuals and families in Illinois.

HMO

What is an HMO health insurance policy? An HMO, or Health Management Organization, limits the number of hospitals and doctors that you can use when seeking medical care for non-emergency purposes. An HMO policy in Illinois is very expensive on an individual basis.

PPO

What is a PPO health insurance policy? If using a PPO, or Preferred Physician Organization, an Illinois resident can receive coverage with any doctor or hospital. However, the coverage is tiered. Your coverage is better if the doctor or hospital is enrolled in the PPO’s preferred list.

Short-Term Health Insurance

Lost your job? You can purchase short-term health insurance for a period of up to about six months. Trying to control your cash flow under difficult circumstances? You can pay for short-term health insurance by the month or in a lump sum.

HDHP and HSA

Having an HDHP, or High Deductible Health Plan, will allow you to establish an HSA, or Health Savings Account. Under these interrelated plans and accounts, you can take pre-tax money out of your paychecks to pay for qualified medical expenses that are not covered by you health insurance plan . In order to get an HSA, your health insurance deducible must be at least $1,000 per year, or if covering a family, at least $2,000 per year. If you do not use up all of your funds in your HSA during a year, they will roll over into the next year. There are limits to the amount of money that you can put in an HSA on a yearly basis and tax ramifications as well, so make sure that you have expert advice when looking into these options.

What to Watch For

Health insurance companies in Illinois use height and weight guidelines to help determine rates. However, insurance companies may use different guidelines, so be sure to compare policies and rates.