The out-of-pocket monthly premium you see on your Get Covered Illinois enrollment may be different this year compared to last year, even if your plan hasn’t changed. That’s perfectly normal. The monthly premium you pay can increase or decrease from year-to-year depending on a variety of factors, like where you live, which metal tier (Bronze, Silver, Gold) your coverage is in, as well as the cost of the second-lowest cost silver plan (or benchmark plan) in your area. Every year, the value of your Advanced Premium Tax Credit (APTC) changes based on the cost of the benchmark plan, which can affect the amount of your monthly premium you are required to pay. When the cost of the benchmark plan increases, you may actually see an increase in the value of your APTC. When the cost of the benchmark plan decreases, you may see a decrease in the value of your APTC, depending on which plan you choose.
It’s important to shop around during Open Enrollment to understand the best coverage option available for you and your family for the coming year. When shopping for a plan, make sure to consider the monthly premium, as well as other out-of-pocket costs, like co-pays and deductibles, to make sure you choose the plan that’s right for you. Shopping during Open Enrollment can really pay off!
Get Covered Illinois understands that shopping for insurance can get complicated and that choosing the right insurance for you and your family is not always easy. That’s why Get Covered Illinois has Certified Get Covered Illinois Agents and Application Assisters available in your area who are ready to help!