From AP - News Local/State -

Quinn Releases Some Insurance Rates For Illinois

Gov. Pat Quinn's administration is trickling out information about what Illinois health insurance prices will be on the new marketplace that's a backbone of President Barack Obama's health care law.

Quinn's office announced Tuesday the monthly rates for the lowest-cost plan for a 25-year-old nonsmoker will be $120 in Chicago or $128 in Peoria.

For a 40-year-old nonsmoker, the monthly cost of the cheapest plan would be $152 in Chicago or $163 in Peoria.

Most Illinois residents will be able to choose from at least 34 plans when the marketplace goes live Oct. 1.

Consumers will have to wait until then to learn exactly what choices will be available in their region and how much they'll pay. New tax credits will lower costs for some, depending on household income.

Gov. Pat Quinn says the insurance rates will cost 25-percent less than previously estimated. 

Jim Duffet of The Illinois Campaign for Better Healthcare said it's news that should quiet fears about the federal healthcare overhaul's costs.

"So the big ruckus about rate shock rate shock has basically turned into rate crock from the other side," he said. 

But David From with the conservative group Americans for Prosperity had a different take on the figures.
                
"One of the ways they're driving down costs of these policies is by greatly restricting the number or providers and hospitals that are in a network," he said.

Illinois submitted 165 different insurance plans to the federal government.  Until they're approved, it's impossible for someone looking to buy insurance from the "marketplace" tied to the Affordable Care Act to know how much they should plan to spend.

Categories: Economics, Health