If there is one question on the minds of those who purchase IL health insurance, it is whether or not to expect a rate hike in 2014.  Sadly, there isn't much good news here.  If you currently pay for your health insurance, even if you have been paying for it consistently for many years, there isn't much that can be done to prevent the premium increases that are coming.  And this, you can thank Uncle Sam for.

Considering that the US is essentially bankrupt, and otherwise incapable of funding this grossly-absurd program on its own, the "free" health insurance given to those who can't afford it, will inevitably be paid for by those who currently are paying for their health insurance.  This is the reality, and there's nothing we can do about it.  Go against the rules, and you will be fined severely.  Land of the free, indeed.

Who Will be Most Affected by the Affordable Care Act?

As of the time of this article, it stands to reason that small to medium-sized business owners will be the ones left struggling in the wake of this storm.  Here's an example; let's say a business has 15 employees, and is currently spending an estimated $4500/month on their IL group insurance plan.  What does the owner of this business do when they are informed that their new monthly premium has jumped to $14,000/month?  Where does the additional $9,500 in profit come from, in an already lean economy?

If you think this is a rare or exceptionally-high example, we sincerely wish you were correct.  This is the reality facing hundreds of thousands of business owners right now, and the effects are already being realized.  Once-thriving businesses are shutting their doors, cutting out health insurance benefits completely, or in the worst cases, having to lay-off employees.  As more and more employees find themselves without work, they eventually apply for free healthcare, and the process is extrapolated at near runaway pace.

Families Brace for Higher Health Insurance Premiums  

Businesses are not the only ones who will bear the burden, as many families also be tasked with shepherding the cost of universal health care.  Right now, a family who pays, let's say, $1000/month for family healthcare, can expect to be paying at least 2-3 times this, each month, if they wish not to be fined.  Again, the question is raised: how does a middle class Illinois family who is just barely making it on their current income, find an extra two to three-thousand dollars per month, simply to abide by the law?  It's completely maddening.

Thinking about just dropping your insurance and getting it for free?  Well, the higher-ups have already thought of this, and it's just not going to happen.  They know exactly who has been insured, by whom, and for exactly how long.  The only viable option, is to work with a health insurance broker who truly understands health care reform, to find a plan that is affordable, reliable, and capable of covering the needs of your family or staff.

If you're in the Chicago are, or anywhere in IL, and have questions on what to expect in 2014, Premier Financial Insurance is here to answer all your questions and does not charge a fee for its services.  Call today at 800-369-0287, and speak to an experienced health agent right now.