Consumers get socked

health-insuranceState records state that with the premiums increasing up to 60 per cent the consumers who lose their jobs in Illinois will have to get their health insurance, which will come as a sock to them.

Due to recession, there has been an increase in the number of uninsured Americans and they are looking for ways to protect themselves and their families.

State data also reveals that base rates will go up from 8.5 per cent to more than 60 per cent for the state's more than half-million consumers.

The individual insurance market has become the fastest-growing group in this economy and in this group one in 10 are unemployed.

From Thursday Illinois will be posting data online for letting individuals know more about insurance rate increases. No information is received by the state on small or large group health insurance rates or premium changes.

Illinois Director of Insurance Michael McRaith said, "This information is important because the individual market is where an increasing number of people fall when they lose their jobs and become unemployed. Because fewer people are employed and fewer employers are offering health insurance, we would expect to see increased applications for individual health insurance."

Scrutiny of insurance rate has been stepped up by the Obama administration and the Congress is struggling with a way to cover tens of millions of Americans who are presently without health insurance.