Illinois health insurance companies negotiate pricing with doctors and hospitals.   If you don’t have health insurance in Illinois the price you pay for medical procedures will be substantially higher than if you had an Illinois health insurance plan.  Each Illinois health insurance company negotiates their own discounts.  The Illinois health insurance providers do not disclose their pricing, not even to Illinois health insurance agents, so it can be difficult to figure out.   Based on medical bills I have seen for my family members  BlueCross BlueShield of Illinois discounts are typically around 40%.

Why does the pricing matter to you?  If you have an Illinois health plan the insurance company pays the bills, right?  You have to remember that most Illinois health insurance plans do not cover 100% of the cost of medical treatment. They require the insured to pay a portion of the cost out of pocket.  Out of pocket payments are made in the form of payment up to the deductible, copays, and coinsurance.   When you have Illinois health insurance coverage and have to pay out of pocket you get the insurance company price discount.

Consider one of the most popular copay plans in Illinois which has a $500 annual deductible.  The total maximum out of pocket cost for a family on this plan is $7,000 per year.  If you are paying that much money wouldn’t you like to have the 40% discount negotiated by the insurance company?

For a free consultation from an expert in health insurance in Illinois give us a call at 630-518-4979.

On many Illinois health plans that have the copay feature the copays do not stop, even after your reach your annual deductible.  Say you have a surgery and pay your $1,000 deductible out of pocket.  Follow up visits to the doctor, lab tests, and prescription drugs may require more out of pocket cash for copays.

#9  – Easier to Qualify for Coverage

The higher the deductible is on an Illinois health plan the more forgiving the Illinois health insurance companies are of pre-existing medical conditions.  I have seen applicants denied coverage for very minor medical conditions on low deductible copay plans.

#8 – Savings Account Not Required

Purchasing  a HSA eligible Illinois health plan does not require you to open a health savings account.  About 50% of my clients that have a HSA eligible health plans never open a health savings account.  They purchase the HSA health plan simply to get the big savings on monthly premiums.

#7 – More Expenses Covered

HSA eligible expenses include many expenses that may not be covered by your insurance plan such as dental care, vision care, and over the counter drugs.  By paying for these costs out of your Health Savings Account you are saving money due to the tax deduction associated with HSAs.

#6 – All Out of Pocket Expenses Count towards Deductible

Unlike Copay plans, all out of pocket expenses on HSA eligible Illinois health plans count towards your deductible.  Copay payments on many Illinois health plans do not count towards your deductible.

#5 – Covers Family Members

HSA eligible expenses include expenses for family members, even if they are not on your insurance plan.

#4 -  Easy to Understand Benefits

HSA eligible Illinois health plans are easier to understand compared to copay plans which divide out of pocket expenses into deductibles, copays, and co-insurance.  There are many HSA Illinois health plans available that do not have copays or co-insurance.  Your total maximum out of pocket expense for any given year is equal to your deductible, period.  Straight Forward.

#3 – It’s Your Money – Forever

All contributions to HSA accounts that are not used for eligible expenses roll over to the next year.  Any funds that remain in your HSA when you turn 65 are yours to keep without penalty.  Investments in HSA accounts grow tax free, much like an IRA.

#2 – Tax Savings

Health Savings accounts are like IRAs for health care.  HSA contributions are tax Deductible.  Your savings depend on your income and tax situation.  The higher your tax bracket the more you save.

#1 – More Affordable Premiums

High deductible HSA eligible Illinois health plans have much lower monthly premiums than low deductible copay plans.  The higher your age the more you can save.  For older couples it’s not uncommon to save $3,000 to $4,000 per year with HSA plans.  This savings is in addition to the tax deduction for HSA contributions.  For the typical year where you have only minimal medical expenses HSA eligible Illinois health plans can save you several thousands of dollars compared to a copay plan for the same Illinois insurance company.