IL 2022 Carriers

Health insurance is a major purchase that can be stressful to navigate, but it doesn’t have to be. Here we review carrier options in Illinois for both the individual and group markets along with tips for understanding and picking the best carrier for your needs.

Understanding the Difference Between Health Insurance Carriers in the Individual Market

When picking a health insurance plan, there are generally a handful of carriers to select from. Folks are encouraged to make selections based on cost, network and plan features. However, what is often not considered is the difference between these carriers. Sometimes cheapest is not best; the middle of the road and/or cheaper plans can work for you.

Individual Qualified carriers include:

• Ambetter

• Health Alliance Medical Plans

• BCBS

• Cigna

• Quartz

• Brighthealth

• MercyCare HMO

• WellFirst Health

• UHC

• Oscar

• Molina

The individual market is pretty bleak with few options, most of which are HMOs with a handful of PPOs from BCBS that offer their smaller choice network. The individual market is sometimes the only direction for folks and when one can access a subsidy - a tax credit used like a coupon - it makes these inferior options much better. 

Ambetter offers the least expensive plan in the market followed by Brighthealth. BCBS offers an inferior product called FocusCare that is also inexpensive. Cigna has some options that are middle priced and not competitive. The goal for health insurance purchasing is to get the best possible plan that meets your network needs for the least possible price. 

Sometimes a few plans will apprise themselves as viable options and this is the juncture where you need to decide if you are a name brand buyer or willing to go with a carrier that is newer to the market or not as popular. To put this into perspective, if BCBS has a plan for $150 and Ambetter has a plan for $50 then you need to decide if you are willing to go with a newer, less seasoned carrier. Is saving $1200 per year on health insurance the right place to save? If you are super healthy and rarely use your insurance, then this could be the right place to save. If you are a regular or heavy user of insurance then taking the leading carrier that pays their claims quickly and is extremely well-staffed and organized is likely the best route. 

How to Choose the Best Health Insurance Carrier For Your Needs in the Group Market

The group market offers larger networks and more options than the individual market, but no access to subsidizing. Rates in the fully insured market are pre-filed and as is with no ability to alter them. They are based on age and zip code with both health and sex not coming into the equation. Rates in the level funded market are underwritten and take into consideration not only age and zip code but also health and sex. 

Small Group Fully Insured carriers include:

• Humana 

• UHC

• BCBS

• Cigna

• Oscar

Small Group Level Funded carriers include:

• Humana 

• Aetna

• All Savers (UHC subsidiary)

• National General

• Nationwide 

Depending on the size of your group there will be different carriers available and, again, choosing the best priced plans that meet your network and usage needs is key. 

In the fully insured market, Cigna and Humana are more costly than BCBS and UHC pricing themselves out and leaving the option of BCBS and UHC as the leaders. BCBS and UHC offer different specialties and networks with little difference in pricing. When choosing between BCBS and UHC it is important to understand network and important coverage components like medication or mental health needs. UHC is better at covering formulary medications whereas BCBS is better at covering mental health. You can change fully insured products in the group market at any time. 

In the Level Funded market it is very important to pick a carrier that is using a large high quality network and has the ability to pay claims. No matter which carrier is selected, the rates provided will be later underwritten and confirmed. Often you are committed to at minimum a year of holding the policy. 

We are happy to help navigate choosing the best carrier for your needs. Contact us today to get started.