Illinois Small Business Health Insurance

There are different Illinois health insurance laws regarding small businesses or the self-employed. Often these types of health insurance policies are easier to qualify for than an individual health insurance policy, even if you are not in the best of health.

This guide:

  • Describes small business health insurance laws in Illinois.

  • Briefly explains self-employed Illinois health insurance.

  • Alerts you to a beneficial tax deduction.

We also have a guide to Illinois health insurance for families and individuals.

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Illinois small business health insurance regulations

According Illinois health insurance laws, small group health insurance must be sold to any small business. In addition, a small business with 2 to 50 employees must be offered the same Illinois small business health insurance policy the insurance company sells to other small businesses.

There is one requirement Illinois health insurance companies can impose. Health insurance companies may have minimum enrollment requirements for Illinois small business health insurance. If the insurance company implements this rule, a certain percentage of employees or members must purchase health insurance or the policy will be rescinded.

Furthermore, Illinois health insurance companies can require that the employer contributes a specific amount toward his employee's premiums. If this stipulation is not met, the policy may also be terminated.

Despite these limits, premiums for Illinois small business health insurance can fluctuate due to the age, gender or health status of the employees, but within boundaries.

Finally, Illinois health insurance companies cannot cancel any Illinois small business health insurance policy because an employee becomes ill.

Self-employed Illinois health insurance

States differ in their treatment of self-employed health insurance. As a self employed business owner living in Illinois you can not purchase small business health insurance if you have no other employees. Instead you should look into purchasing an individual Illinois health insurance policy.

If you are self employed, however, and you purchase your own individual Illinois health insurance policy, you can benefit from a large tax deduction. A percentage of your annual Illinois health insurance premiums is deductible from your taxes if you choose to itemize. Depending upon the year, you can deduct either 70, 80 or 90 percent of your premiums.

More IL small business health insurance help

If you want more help getting the a good health insurance policy, read our guide to small business health insurance.

To find out more about IL group health insurance laws and regulations, visit the official website of the Illinois Department of Insurance.

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