Illinois submits big Obamacare rate increases to the feds

The Chicago Tribune reports:

“Hundreds of thousands of Illinois consumers who buy health insurance on the state’sĀ Obamacare exchange will likely see average rates increase by 16 to 37 percent next year for the lowest-priced plans, according to a new analysis.

The Illinois Department of Insurance submitted rates to the federal government Wednesday that would increase the average cost of the lowest-priced silver plans by 35 percent statewide. The lowest-priced bronze-level plans would increase, on average, by 20 percent, and the lowest-priced gold plans would increase by 16 percent, according to a department analysis obtained by the Tribune.

For example, a 21-year-old nonsmoker could pay $315 a month for the lowest-priced silver plan in Cook County next year, compared with $221 a month this year, according to the analysis. A 21-year-old nonsmoker in DuPage and Kane counties could pay $338 a month next year for the lowest-priced silver plan, versus $266 this year.

The analysis follows the release last month of proposed rate increases from insurers, which in many cases showed large average jumps over last year. The new analysis shows average increases for different levels of plans across the state, breaks down some of the likely increases by county and shows which insurers will offer plans where. Rates will not be finalized until October, shortly before consumers may start choosing plans during open enrollment, which starts Nov. 1.