The basic protections provided by the Association for the insured of a member insurer which is found to be insolvent on or after August 20, 2010 are:
- $300,000 in death benefits
- $100,000 in cash surrender or withdrawal values
- $500,000 in hospital, medical and surgical insurance benefits*
- $300,000 in disability insurance benefits
- $300,000 in long-term care insurance benefits
- $100,000 in other types of health insurance benefits
- $250,000 in withdrawal and cash values
*The maximum amount of protection for each individual, regardless of the number of policies or contracts, is $300,000 except special rules apply with regard to hospital, medical and surgical insurance benefits for which the maximum amount of protection is $500,000.
HMO Certificates Not Covered
Certificates under health maintenance organization plans are not covered by this Association.
Refer to the Act (215 ILCS 5/531.03) for other policies and contracts, or portions thereof, which are excluded from coverage.