Today marks the commencement of the Open Enrollment period for the Affordable Care Act Health Insurance Marketplace in Illinois. In a press release, the Illinois Department of Insurance has announced an extended enrollment period, providing Illinoisans with an additional month to enroll in a health plan, which now runs through January 15, 2024.
One of the significant highlights of this year's enrollment is the expansion of health insurance options in Illinois. They revealed that for the 2024 Plan Year, there are now twelve issuers offering Marketplace health plans throughout the state.
IDOI Director Dana Popish Severinghaus commented on the development, saying, "Just three years ago, there were five carriers offering plans throughout the state, and now that number has more than doubled to twelve." This expansion offers consumers a wider array of choices when it comes to selecting a health insurance plan that suits their needs.
Illinoisans will find a diverse range of coverage options available to them, with a total of 408 different health plans offered for the 2024 Plan Year. However, the availability of these plans may vary depending on the county of residence.
Laura Pellikan, Executive Director for Get Covered Illinois, emphasized that financial assistance is available to help reduce the cost of monthly premiums for consumers. Pellikan urged residents to visit GetCoveredIllinois.gov, which can direct them to the ACA Marketplace, where advanced premium tax credits and Medicaid may be accessible. Pellikan also highlighted the availability of enhanced subsidies from the Inflation Reduction Act, providing more individuals with the opportunity to qualify for financial assistance to purchase ACA Marketplace health plans.
In the previous year's Open Enrollment period, 342,995 ACA Marketplace plans were selected in Illinois, with over 88% of enrollees receiving APTs to lower their monthly premiums. Many consumers could secure a plan for as little as $10 per month, according to HealthCare.gov.
Illinois residents should be aware that to have health insurance coverage starting on January 1, 2024, they must enroll by December 15th. After the January 15th, 2024 deadline for Open Enrollment, consumers can only purchase insurance coverage on the ACA Marketplace if they experience a qualifying life event, such as losing job-based coverage, getting married, having a child, adopting a child, or moving.
Get Covered Illinois, a division of the Illinois Department of Insurance, serves as the official health marketplace for Illinois consumers to purchase quality, affordable health insurance, facilitated by the federal government through the ACA Marketplace.
For more information on the ACA Marketplace Open Enrollment period, visit GetCoveredIllinois.gov.
For additional details on the 2024 Analysis of the Illinois Exchange Plan and Federal CMS enrollment numbers for the AGA Health Insurance Marketplace, visit the Illinois Department of Insurance's official website.
