Affordable Illinois Health Insurance

Illinois residents, for the most part, are budget-conscious people who are concerned with avoiding unnecessary costs. Affordable Illinois health insurance rates are appealing to these folks because they offer the opportunity for necessary health insurance coverage at reasonable rates.

Costly Unnecessary Features

While it’s true that competition will often lead to affordable Illinois health insurance premiums, there are plans and features that add to premium rates without providing commensurate value to the consumer. For instance, Health Maintenance Organizations (HMOs) are among the most affordable Illinois health insurance programs. They became controversial in the 1990s because they restrict the participant’s choice of healthcare providers. Many consumers today still won’t even consider joining an HMO, despite the premium savings they will realize. If the doctors you deal with are in the HMO’s network, you can save a significant amount in terms of reduced premium costs and co-insurance.

Traditional major medical plans and even Preferred Provider Organizations (PPOs) permit participants to visit the healthcare provider of their choice, but that freedom leads to higher premium costs. Many participants in PPOs and traditional major medical insurance plans simply don’t like HMOs and won’t participate in them, thus missing out on significant premium savings.

Other Savings Opportunities

In addition to choosing the health insurance plan model that provides the greatest premium savings based on their situation, consumers can save more money on premium costs by increasing their share of the cost of actual health services. The most affordable Illinois health insurance premium rates are those that have high deductibles and high co-insurance rates. Some consumers decide to pay a higher premium and keep low deductibles and co-pays, but in most cases they wind up not using the insurance except for routine office visits. For those without chronic conditions that need regular medical attention, there’s no need for low deductibles and co-pays.

Affordable Illinois health insurance can also be influenced by participants’ establishing Health Savings Accounts (HSAs). These accounts are set up with pre-tax dollars, and as long as the funds are used to pay for medical expenses, no tax is ever due on them. Those who have these accounts, then, can realize double savings: first, they save on the taxes they would have paid on the funds deposited into the HSA, and second, they save on the premium paid to the insurance company.

Budget-conscious consumers can also save money by using health care services only as appropriate, and when necessary. Too many people still use the emergency room as their regular doctor, for example, going to the hospital for complaints and ailments that are more appropriately dealt with in a doctor’s office. This practice not only increases the cost of health care in general, it usually results in a higher cost to the participant; that is, unless the complaint is medically certified as an actual emergency, the insurance company will pay less of the charge, leaving the participant with a higher bill to pay.

Affordable Illinois health insurance is easily within the reach of all Illinois residents who want it and are willing to practice a little prudence and common sense both when selecting their health insurance plan and when utilizing its benefits.

 

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