Illinois Obamacare exchange rates to decrease next year for many popular plans
Starting next year, consumers no longer will face penalties for not buying insurance. They also will have new options, including the ability to use short-term plans, purchased outside the exchange, for a longer period of time. Short-term plans are often cheaper than exchange plans though they may not offer as much coverage.
Most
Rates for the lowest-priced silver plans, which are popular on the exchange, will decrease by 4 percent, on average, next year. Rates for the second-lowest-priced silver plans will drop by 3 percent, on average, according to an analysis by the
The average rate for the lowest-priced bronze plans will rise by 6 percent, on average, possibly as insurance companies anticipate losing customers now that they won't face a penalty for forgoing insurance, said
There are differences between counties.
In
In
Those prices don't include the tax credits received by most
The price drops aren't unique to
Hammer anticipates that people who receive tax credits will continue to buy exchange plans, but other non-exchange insurance options have emerged that may be attractive to some groups.
Under a rule finalized by the Trump administration earlier this year, consumers will be able to purchase short-term plans for a year -- instead of just three months at a time -- and they can be renewed for as long as three years. The plans are typically less expensive than Obamacare-compliant ones but often don't cover services such as prescription drugs, substance abuse treatment or maternity care.
The
It's possible that all of those factors will lead to fewer exchange plan participants next year, which could lead to higher prices on the exchange in future years, said
Participation on the
This year,
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