ObamaCare Facts is a non-biased website. We receive no funding and exist only to present facts on the Affordable Care Act. In keeping with our mission, our ObamaCare health insurance exchange guide contains no ulterior motive. Our interest is only in helping you to understand your states exchange and to help you get the best insurance your dollar can buy.
Most of us have to have health coverage by 2014 or pay a fee. More than half of uninsured Americans can get free or low-cost health insurance through their State's marketplace / exchange. Open enrollment in your State's Health Insurance Exchange Marketplace goes from October 1st, 2013 to March 31st, 2014. 6 in 10 uninsured Americans could qualify for health insurance costing less than $100 a month due to cost assistance offered only on the exchange. http://obamacarefacts.com/insurance-exchange/health-insurance-exchange-guide.php
Bronze Plan: The bronze plan is the lowest cost plan available. It has the lowest premiums and in exchange has the lowest actuarial value. The actuarial value of a bronze plan is 60%. This means that 60% of medical costs are paid for by the insurance company, leaving the other 40% to be paid by you.
Silver Plan: The Silver plan is the second lowest cost plane, it has an actuarial value of 70%. This means that 70% of medical costs are paid for by the insurance company, leaving the other 30% to be paid by you. The Silver plan is the standard choice for most reasonably healthy families who historically use medical services.
Gold Plan: The Gold plan is the second most expensive plan, it has an actuarial value of 80%. This means that 80% of medical costs are paid for by the insurance company, leaving the other 20% to be paid by you
Platinum Plan: The Platinum plan is the plan with the highest premiums offered on the insurance exchange. The Platinum plan as an actuarial value of 90%. This means that 90% of medical costs are paid for by the insurance company, leaving the other 10% to be paid by you. This plan is suggested to those with high incomes and those in poor health. Although coverage is more expensive up front the 90% coverage of costs will help those who use medical services frequently.
Not every healthcare provider has to offer each tier of plan, however, all health insurance companies must offer at least one silver plan and one gold plan to consumers.
Health Insurance Exchanges An important component of Health Care Reform is the availability of a health insurance exchange. An exchange is a transparent, centralized marketplace that will offer a choice of affordable, high-quality health insurance plans to individuals and small businesses. Plan enrollments are to begin October 1, 2013 with a coverage effective date of January 1, 2014.
Illinois Health Care Reform Implementation CouncilThe Illinois Healthcare Reform Implementation Council issued its report to Governor Quinn on March 1, 2011. The Council, comprised of directors of state agencies and departments responsible for implementing the Affordable Care Act (ACA), received input from consumers, providers, legislators and organizations throughout Illinois on how best to implement the ACA for the benefit of Illinois residents. Among the key recommendations is the establishment of a health insurance exchange for Illinois.
- Health Care Reform Implementation Council Initial Report
- Department of Insurance/Department of Healthcare and Family Services Presentation at 10/14/2011 HRIC Meeting
An Amendment to the Illinois Health Benefits Exchange Law was introduced during the Illinois General Assembly veto session on October 26, 2011. The Amendment to SB1313 includes provisions on specific aspects of the structure, function and financing of the Exchange.
The Amendment has been referred to the House Insurance Committee. The next meeting of the Committee is scheduled for November 8, 2011 at 2 pm.
Illinois Health Benefits Legislative Study CommitteeThe recently enacted Illinois Health Benefits Exchange Law (Public Act 97-0142) called for the creation of a 12-member Legislative Study Committee to issue a report to the General Assembly and the Governor on establishment of the Illinois Health Benefits Exchange. The final report of its findings was forwarded to Governor Quinn and the leadership of the General Assembly on October 18, 2011.
For a list of committee members, meeting notices and agendas for future meetings, as well as ongoing developments, visit theIllinois Health Insurance Exchange Legislative Study Committee.
Federal Regulations and GuidanceFive sets of federal regulations have been issued to guide states in implementation of the ACA.
- Establishment of Exchanges and Qualified Health Plans
- Establishment of Exchanges and Qualified Corridors and Risk Adjustment
- Exchange Functions in the Individual Market: Eligibility Determinations; Exchange Standards for Employers
- Eligibility Changes under the Affordable Care Act of 2010
- Health Insurance Premium Tax Credit
- Establishment of Exchanges and Qualified Health Plans; Exchange Standards for Employers Final Rule
- Standards Related to Reinsurance, Risk Corridors and Risk Adjustment Final Rule
- Exchange Planning Grant
- Cooperative Agreement to Support Establishment of State-Operated Health Insurance Exchanges
- Illinois Level 1 Exchange Establishment Grant Application - Project Narrative
- Illinois Level 1 Exchange Establishment Grant Application - Work plan and Timeline
**NOTE: This work plan and timeline is an evolving document that will continue to be modified over time as the State's planning shifts with emerging needs.
- Illinois Level 1 Exchange Establishment Grant Report Ending: 12/31/11
- Illinois Level 1 Exchange Establishment Grant Report Ending: 06/30/12
- Level 1 Stage 2 application project Narrative
- Illinois Exchange Financing Options Report
- Illinois Risk Adjustment & Reinsurance Workplan
- Review of the Current Illinois Health Coverage Marketplace: Background Research Report
- Illinois Exchange Strategic and Operational Needs Assessment
- Eligibility System Assessment
- Illinois Navigator Report
- SHOP Exchange
- UIC Shop Report
- NAIC Exchanges Subgroup
- Health Insurance Exchange -Stakeholder Conference (Video) (August 30, 2010)
- Health Insurance Exchanges and the Affordable Care Act: Eight Difficult Issues (T.S. Jost, The Commonwealth Fund, September 2010)
- Health Insurance Exchanges and the Affordable Care Act: Key Policy Issues (T.S. Jost, The Commonwealth Fund, July 2010
- Department Health Reform Webinars
- Health Insurance Exchanges
- Insurance Reforms
- Glossary of Health Insurance Terms
- Small Business Tax Credit