A Guide to Health Insurance Options in Illinois
Illinois has a wide variety of health insurance options, from short-term medical coverage for individuals to long term disability benefits for employers. It is important to understand the difference between short term health insurance and long term disability coverage. Short term coverage can be purchased by anyone from 18 years old up to the age of 65. Long term coverage needs to be purchased through an employer or as an individual policy. It is important that both options have certain requirements that are the same in all states, including how long the benefits will last, and what co-payments are required.
Long term disability insurance in Illinois comes in three forms: Indemnity Insurance, Managed Care Insurance, and Medicare supplement insurance. Each of these has different policies and benefits, but the aim of both types of insurance is to provide care and support to those who cannot care for themselves, are unable to work, or are aged 65 and over. An individual may purchase short-term policies that last up to 30 days or even until the disability benefits are fully paid off, or they can choose to purchase a longer term policy.
Indemnity Insurance policies pay a set amount each month to cover out of pocket expenses, including doctor and hospital bills, prescriptions, and other services. Some of the plans also include extra coverage for dental care, emergency care, and vision care. There are also plans available that pay 100% of the doctor or hospital costs for a specified period of time. For example, if a person visits their dentist twice a year but finds the cost of dental coverage on their own too steep, they can buy a plan that pays the full amount for one full visit plus any applicable deductions every two months.
Managed Care Insurance is another option that is available for Illinois residents. This type of policy covers the entire scope of medical expenses and provides maximum medical benefits for as long as the policy holder remains covered. For example, the insured can purchase an indemnity policy to cover all doctor and hospital bills for a specified period of time, or they can purchase a managed care insurance plan that pays the least amount for the most necessary services every month. Most Managed Care Plans offer specific coverage options and deductibles, so it is important to compare these plans before purchasing a policy.
The final type of insurance offered by Illinois insurers is the Individual Health Insurance Plan (IHIP). An IHIP covers only the health care needs of the individual. An IHIP plan is usually more expensive than other individual health insurance plans because it requires more discretion on the part of the insurer to determine which medical procedures and doctors' services are covered, as well as how much will be paid by the insurance company for each procedure. However, since each person pays a higher premium for an IHIP, it can often be a more economical choice. Illinois Health Insurance Options in IL also includes Family Health Insurance plans that cover both spouses and their children for basic health care needs.
One final type of health insurance available in Illinois is the CHIP (comprehensive health insurance program) program. Illinois health insurance options in CHIP allow families to get lower-cost health insurance through private companies. The CHIP program provides low-cost catastrophic health insurance coverage for families with children, as well as the elderly. CHIP polices in Illinois are run by the Department of Health and Senior Services (HAS) within the Illinois Department of Financial Services (RFSS). There are
Insureinfoq in CHIP; Managed Care, Indemnity, Supplemental, and Self-Help.
Managed care health insurance options in IL offer many of the same features available in IHIP plans including doctor visits, prescription drugs, health screening and benefit options. Indemnity health insurance plans provide patients with benefits in the event they become ill outside of Illinois, but stay in the state to receive healthcare. The benefits provided by indemnity plans are usually more expensive than managed care, but cover the same percentage of the healthcare expenses for patients. Self-help health insurance is designed for the self-employed or small businesses with only one employee. In this plan, a health insurance provider pays a flat monthly fee for services provided by the client.
Choosing between the health insurance options in IL can be difficult. When considering health insurance, consumers should first understand the differences between the various programs. In addition, they must also compare the premiums and deductibles of each policy option. By doing so, a consumer will have a better understanding of their overall monthly premium or out-of-pocket expense. It is important to understand that while health insurance is important, it is not necessary. With a sound financial plan, along with an overall healthy lifestyle, one can enjoy superior health throughout their lifetime.