Illinois Small Business Health Insurance

Small business owners in Illinois can find, compare, apply for, and enroll in group health insurance plans through SimplyInsured. Pricing varies by state, but is only dependent on the ages of employees and their dependents. Having pre-existing conditions such as high blood pressure or diabetes no longer impacts the cost of insurance for a specific individual. In order to be eligible for small group health insurance, you must have two people in the company including owners, at least one of which is a W-2 employee. You can apply for group health insurance any time during the year - you do not need to wait for an open enrollment period. The application process can be done online through SimplyInsured and can be completed in minutes.

Small business insurance in Illinois is pre-tax, which means the amount you spend on premiums is exempt from employer and employee taxes. This provides you a 30-40% tax benefit on the cost of insurance.

There are many plan options in Illinois. To determine the best plan for you, assess your budget and the health needs of your employees. If employees expect to utilize more care and need flexibility in the providers they see, PPOs may be preferable. These plans have wider doctor and hospital networks, and you do not need a referral to see specialists. If employees will seldom require care and do not have specific preferences for providers, HMOs with higher deductibles may be preferable. Generally, PPOs have higher premiums than HMOs. If you expect pregnancies and surgeries, check the plan details to see the cost of hospital visits. If your employees take prescription drugs, check the cost of both generic and brand drugs at the pharmacy.

SimplyInsured offers hundreds of plans from top carriers in Illinois. As a top-producing broker, we have preferred status with several carriers, which ensures our clients' needs are met quickly and thoroughly. We take pride in our high customer satisfaction scores, and work to improve the customer experience everyday.

Illinois Market Overview

The Illinois small business health insurance market is a competitive and complex insurance market. For a small business, there are many health insurance options to choose from - multiple carriers, tiered doctor networks, government exchange vs private market plans, etc. The large number of options in the Illinois market can make looking for the right health insurance plan intimidating, but can also provide substantial savings opportunities by narrowing in on the most appropriate plan for specific needs.

Illinois Health Insurance Carriers at a Glance

Carrier EPO/PPO Cost HMO Cost Available Statewide National Doctor Network Network Tiers # Hospitals Covered # Doctors Covered
Aetna
$$$ $$ Yes Yes 5 213 59,000
Blue Cross Blue Shield IL
$ $ Yes Yes 5 213 63,000
Humana
$$$ N/A Yes Yes 2 173 59,000
UnitedHealthcare
$ $ Yes Yes 3 213 48,000

Below is more information about the health insurance market in Illinois, including statistics and descriptions of all major carriers.

Illinois Medical Insurance Statistics

No. of carriers available through SimplyInsured 4
No. of plans available through SimplyInsured 525
Average deductible $2,400
Average cost of doctor visit $100
Average cost of hospital stay $3,900
Average out of pocket maximum $5,500
Average employer contribution* $260
Average employee contribution* $520
* including dependents, for the last year, based on SimplyInsured data

Average Out of Pocket Maximum & Deductible for Illinois Group Medical Insurance Plans*

Monthly Premium Range Average Out of Pocket Maximum Average Deductible Percentage of All Plans
$0 - $300 $6,400 $4,500 6%
$300 - $500 $5,700 $2,600 68%
$500 - $700 $4,600 $1,300 25%
$700+ $4,800 $1,000 1%
* Monthly premiums are calculated for one 30-year-old

Available Illinois Plans by Network Type

Network Type No. of Plans Available Median Monthly Premium
HMO 67 $343
POS 303 $446
PPO 153 $457
Indemnity 1 $563
INDEMNITY 1 $803

Find Employer Group Health Insurance for Small Businesses in Illinois

Illinois Health Plans

Are you researching Illinois health insurance to find small business health insurance plans? Would you like to compare plans, premiums and other cost factors to provide coverage for your employees? SimplyInsured provides access to Illinois health insurance companies. See more information about Illinois Health Plans and get free, instant, online quotes.

Illinois Insurance Providers