Small Business Health Insurance for Accounting and Tax Firms in North Chicago, Illinois

Updated July 2026 · IllinoisPlanFinder.com — Licensed Health Insurance Producer (NPN #21249133)

Small accounting and tax firms in North Chicago have 5 marketplace carriers offering plans in Rating Area 3 in 2026.
For 2026, individual marketplace plans through GetCoveredIllinois offer subsidies up to 400% FPL, potentially reducing monthly premiums.
PPO plans are available on-exchange in Illinois, offering more network flexibility than HMO/EPO-only markets.
Owners of small businesses may deduct health insurance premiums from their gross income under certain IRS rules.

Navigating health insurance options for your accounting or tax firm in North Chicago, Illinois, involves understanding both individual and group market dynamics. For 2026, small businesses in Lake County, including North Chicago, have several avenues to secure coverage, ranging from traditional group plans to individual marketplace options with significant subsidies through GetCoveredIllinois. Whether you're a sole proprietor, have a few employees, or are considering expanding your team, finding the right health benefits package is crucial for attracting and retaining talent, as well as managing your firm's finances. The choice depends on your firm's size, budget, and the specific needs of your employees.

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What Health Insurance Options Are Available for North Chicago Accounting Firms?

Small accounting and tax firms in North Chicago, like many other small businesses, face a decision between several types of health insurance coverage. The most common options include traditional small group health plans, individual marketplace plans through GetCoveredIllinois (often combined with employer contributions via HRAs), and direct-to-carrier off-exchange plans. The best fit depends on the number of eligible employees, budget, and desired level of administrative involvement.

North Chicago, part of Lake County, is served by 5 confirmed carriers in Rating Area 3 for 2026, which also covers McHenry County. Lake County, with a population of 714,223 and a median income of $110,416 per U.S. Census Bureau ACS 2024 5-year estimates, has an uninsured rate of 6.9%, lower than the city's 13.2%. Major health systems like Northwestern Lake Forest Hospital and Advocate Condell Medical Center serve the county, influencing network choices for local businesses.

Individual Marketplace Plans (GetCoveredIllinois)

For many small accounting and tax firms, especially those with fewer than 50 employees or a highly compensated owner, individual marketplace plans can be a highly attractive option. In Illinois, these plans are purchased through GetCoveredIllinois, the state's official marketplace.

Subsidies: Individuals and families with incomes up to 400% of the Federal Poverty Level (FPL) may qualify for premium tax credits (subsidies) that significantly reduce monthly premiums. Some households above 400% FPL may also qualify for subsidies if benchmark plan premiums exceed 8.5% of their income.
Plan Variety: GetCoveredIllinois offers a range of plan types, including Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs), and Preferred Provider Organizations (PPOs). Unlike some states, PPO plans ARE available on-exchange in Illinois, offered by carriers such as Blue Cross and Blue Shield of Illinois, providing more flexibility in provider choice.
Employee Choice: Employees can choose a plan that best fits their individual health needs and budget, rather than being limited to a single group plan.

Small Group Health Plans

Traditional small group plans are typically offered by employers with 2 to 50 employees. These plans provide a consistent benefit package across all eligible employees.

Employer Contribution: Employers usually contribute a percentage of the premium, making the coverage more affordable for employees.
Tax Advantages: Employer contributions to group health plans are generally tax-deductible for the business and tax-exempt for employees.
Guaranteed Issue: Small group plans are guaranteed issue, meaning carriers cannot deny coverage based on the health status of employees or their dependents.

Health Reimbursement Arrangements (HRAs)

HRAs allow employers to reimburse employees for qualified medical expenses, including individual health insurance premiums. This can be a flexible alternative to traditional group plans.

Qualified Small Employer Health Reimbursement Arrangement (QSEHRA): For firms with fewer than 50 employees that do not offer a group plan, QSEHRAs allow tax-free reimbursement of individual plan premiums and other medical expenses, up to certain limits.
Individual Coverage HRA (ICHRA): ICHRAs are available to businesses of any size. They allow employers to set a tax-free allowance for employees to use on individual health insurance premiums and medical expenses. Employees must be enrolled in an individual health plan to utilize an ICHRA.

Choosing Between Individual vs. Group Coverage for Your Firm

The decision between individual marketplace plans (potentially supported by an HRA) and a small group plan depends heavily on your firm's specific circumstances in North Chicago.

Feature	Individual Marketplace Plans (with potential HRA)	Small Group Health Plans
Eligibility	Any size firm, employees purchase individual plans	Typically 2-50 full-time equivalent employees
Premium Subsidies	Available for eligible employees/dependents based on household income via GetCoveredIllinois	Not available; employer typically subsidizes premiums directly
Employee Choice	High: Employees choose from all plans on GetCoveredIllinois	Low: All employees on the same plan chosen by employer
Employer Contribution	Optional, via QSEHRA or ICHRA (tax-free reimbursement)	Mandatory (employer pays a percentage of premium)
Tax Treatment	Employer reimbursements via HRA are tax-deductible for business, tax-free for employees. Self-employed owners may deduct premiums.	Employer contributions are tax-deductible for business, tax-free for employees.
Administrative Burden	Lower for employer (employees manage their own plans)	Higher for employer (plan selection, enrollment, compliance)
Network Access	Depends on individual plan chosen (HMO, EPO, PPO)	Consistent network for all employees under the group plan

For a small accounting or tax firm with only a few employees, especially if some employees qualify for significant subsidies on GetCoveredIllinois, an ICHRA or QSEHRA combined with individual plans can often provide more cost-effective and flexible benefits. For larger small businesses or those prioritizing a uniform benefit package, a traditional group plan might be preferred.

Health Insurance Carriers in North Chicago

For 2026, 5 carriers offer marketplace plans in Rating Area 3, which covers Lake and McHenry counties, including North Chicago. These carriers provide a range of plan types (HMO, EPO, and PPO) across various metal tiers (Bronze, Silver, Gold, Platinum). The confirmed carriers for North Chicago and the surrounding Lake County area are:

Ambetter
Blue Cross and Blue Shield of Illinois
Molina Healthcare
Oscar Health
United Healthcare

When considering plans, it is important to review the specific network (HMO, EPO, PPO) and formulary details for each carrier to ensure it meets the needs of your firm and its employees. Blue Cross and Blue Shield of Illinois, for example, is known for offering a wide range of PPO options on GetCoveredIllinois.

Navigating Your Health Insurance Decision

Making the right health insurance decision for your North Chicago accounting or tax firm involves a personalized assessment of your budget, employee needs, and administrative capacity.

If your firm has less than 2 full-time employees (including the owner), individual marketplace plans through GetCoveredIllinois are likely your primary option. If your household income falls within 100-400% FPL, you will likely qualify for significant premium tax credits, making coverage more affordable. For example, a single individual earning $60,000 (around 200% FPL) in North Chicago would qualify for subsidies.

If your firm has 2 or more full-time equivalent employees, you have the flexibility to explore both individual marketplace options (potentially with an ICHRA) and traditional small group plans. A licensed health insurance producer can help you compare costs, network access, and administrative requirements for each approach, ensuring compliance with Illinois state regulations and federal ACA guidelines.

For those considering Illinois Medicaid, adults with incomes up to 138% FPL qualify for coverage. Illinois Medicaid also covers pregnant women up to 213% FPL and children through Illinois All Kids (CHIP equivalent) up to 313% FPL, providing expansive coverage for lower-income individuals and families in North Chicago.

Frequently Asked Questions

What are the main health insurance options for small accounting and tax firms in North Chicago?

Small accounting and tax firms in North Chicago can choose between traditional group health plans (if they meet minimum employee requirements), individual marketplace plans through GetCoveredIllinois (often with subsidies), or options like Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) or Individual Coverage HRAs (ICHRAs).

Can I get a tax deduction for health insurance premiums as a small business owner in North Chicago?

Yes, if you are a self-employed individual or a small business owner, you may be able to deduct health insurance premiums from your gross income, especially if you are not eligible to participate in an employer-sponsored health plan. Consult with a tax professional to understand the specific rules for your business structure.

Are PPO plans available on the GetCoveredIllinois marketplace for North Chicago businesses?

Yes, in Illinois, PPO plans are available on-exchange through GetCoveredIllinois. Carriers like Blue Cross and Blue Shield of Illinois offer PPO options, alongside HMO and EPO plans, providing flexibility for small business owners and their employees in North Chicago.

What is the minimum number of employees required for a small group health plan in Illinois?

In Illinois, small group health plans typically require at least two full-time equivalent employees, though some carriers may have slightly different thresholds. This usually includes the owner if they are actively working in the business. Individual Coverage HRAs (ICHRAs) and Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) can offer alternatives for firms that don't meet these requirements or prefer a different approach.

How do I apply for health insurance through GetCoveredIllinois?

You can apply for health insurance through GetCoveredIllinois online at their official website. You will need to provide information about your household income, size, and other relevant details to determine your eligibility for premium tax credits and cost-sharing reductions. A licensed health insurance producer can also assist you with the application process at no cost.