All Companies Writing Accident and Health Insurance and Managed Care Plans in Illinois : Company Bulletin 2022-12 – Qualified Health Plan (QHP) Rate Adjustments

Springfield Office 320 W. Washington Street Springfield, Illinois 62767 (217) 782-4515 Chicago Office 122 S. Michigan Ave., 19th Floor Chicago, Illinois 60603 (312) 814-2420 Illinois Department of Insurance JB PRITZKER Governor DANA POPISH SEVERINGHAUS Director TO: All Companies Writing Accident and Health Insurance and Managed Care Plans in Illinois FROM: Dana Popish Severinghaus, Director DATE: August 10, 2022 RE: Company Bulletin 2022-12 – Qualified Health Plan (QHP) Rate Adjustments The Inflation Reduction Act, which is expected to pass out of the House and be signed by President Biden later this week, includes a three-year extension of the American Rescue Plan’s enhanced advanced premium tax credits (APTCs) which were set to expire on January 1, 2023. Some issuers had cited the expected expiration of the tax credits as a factor impacting rate increases for qualified health plans (QHPs). Given the anticipated extension of the enhanced APTCs, the Department urges issuers to submit updated rate filings for QHPs to reflect this update by Monday, August 15th to allow the Department time to review the changes. Per federal CMS, changes to rate filings for QHPs must be submitted to HIOS or transferred from SERFF to HIOS by no later than 1:00 p.m. ET on August 17, 2022. Questions regarding this Company Bulletin should be directed to DOI.InfoDesk@illinois.gov.