The Affordable Care Act (ACA) individual insurance landscape in the state of Illinois is shifting, and competitively-priced plans from insurers like Land of Lincoln Health, are paving new paths for consumers.
Let’s take a look at the scenery as we contemplate the changing marketplace during ACA 2015.
- In a highly competitive market, 217,492 people enrolled for coverage in Illinois in 2014. Eight companies offered plans.
- Compare that to just the first month of 2015 ACA enrollment during which 272,623 people signed up.
- Fast forward to 2015 ACA enrollment where you’d find ten different carriers who offered over 400 plans, representing a 20% increase year to year. Enrollment surged to over 347,000 individuals in 2015, representing a 160% increase over the 2014 enrollment period.
- Land of Lincoln Health, the state’s only co-op health insurance company, signed up over 27,500 new members during the month of December alone for ACA 2015.
- This shift is largely due to the fact that LLH was among the lowest-cost plans available on the state’s health insurance marketplace.
- The insurer lowered monthly premiums on its plans by as much as 30% compared to 2014 by collaborating with several health care providers across the state to obtain the best rates on a unique portfolio of plans.
- Low monthly premiums and solid benefit options are top priorities for individuals choosing coverage.
- LLH may have looked especially attractive to subsidy-eligible consumers, 72% of whom saw a net premium increase in lowest-price silver plans.
- Consumers must also consider that now the tax penalty for not getting insurance is nearly 3.5 times higher.
- If you didn’t have coverage in 2014, you’ll pay the higher of these two amounts: 1% of your yearly household income or $95 per adult for the year.
- Not insured in 2015? Make that 2% of your yearly household income or $325 per adult for the year.
Stay tuned to Responsory.com/blog for a look at what’s in store for ACA 2016.
In the meantime, for health insurance marketers seeking strategic and creative inspiration going into ACA 2016, visit www.healthinsurancemarketing.info.