How to calculate the cost of paying for your health insurance
It’s not the first time this has happened.
In April 2018, a state official said the cost to Illinois would reach $5 billion by 2028.
At the time, the state’s Department of Insurance estimated the cost would be about $5.8 billion, or about 6% of Illinois’ Gross Domestic Product, the third-highest in the nation.
In January 2019, the agency said it would have to spend $1.8 trillion over the next 50 years to maintain its health care system.
In June 2020, the Illinois Insurance Institute said the state was “close to the mark” on its $6.4 billion projected cost of maintaining its health insurance program.
Illinois’ health care law required insurance companies to cover coverage for the state employees they serve.
The law also required companies to provide coverage for people with pre-existing conditions.
The state also spent about $400 million over the last two years to improve the state health care network, the Department of Health and Human Services said.
The state estimates the cost will increase to about $6 billion in 2021 and $8 billion in 2027.