Private Individual Health Insurance Premiums

[thequickbrownfo]

My son and I live in Illinois. I currently have him covered under my employer HMO plan, but because of the high costs am considering purchasing a private individual PPO plan. The plan covers less but also costs less. My concern is that with private coverage should he every get really sick and require costly or prolonged care the premiums would skyrocket making me unable to pay them and leaving him without coverage when he would need it most. Are there any limitations under the law for how much a premium can be raised due to illness with private health insurance? If so, what are your protections under the law in this type of circumstance?

I would really appreciate a response. I am very grateful for finding this site because I didn't know where else to find this out. If it is possilbe can the law that refers to this (if there is one) be mentioned so I know for future reference. Thank you very much.

 

[cbg]

I am not aware of any law that limits how much an insurance premium can be raised in the event of illness. Obviously, the more claims an insurance carrier has to pay out, the more premium they will be looking for at renewal.