CHICAGO (AP) – Insurance prices in parts of Illinois are spiking by more than 20 percent on the marketplace that’s a cornerstone of President Barack Obama’s health overhaul.
The Illinois Department of Insurance released Wednesday a detailed look at health insurance prices for 2016. While price decreases in the Chicago area are keeping the statewide average increase low, 18 counties in northern Illinois are seeing price increases of more than 20 percent.
A third enrollment season began Sunday. Insurance broker James Hodgdon in northeastern Illinois says consumers are shocked by higher premiums and limits on what’s covered under some plans.
Some people qualify for tax credits that keep pace with higher prices, but anyone who doesn’t qualify for financial help will feel the impact of the price increases.