Several new laws that could impact your finances go into effect in Illinois or parts of Illinois in 2021. Here’s an overview of new laws you should know about.
1. $15 Minimum Hourly Wage
On July 1, 2021, Chicago’s hourly minimum wage will increase to $15, a $1 per hour increase above the current $14. The law was passed pre-COVID. Small businesses with less than 20 employees have until 2023 to implement the increase. Across Illinois, the minimum wage increased from $10 per hour to $11 per hour on January 1, 2021. The state of Illinois will have a $15 minimum hourly wage in 2025.
2. Insulin Cost Cap
12.5% of the Illinois population has diabetes. Effective January 1, 2021, all patients using a state-regulated insurance plan will have a cap of $100 per month under the Illinois Insurance Code, regardless of the amount of insulin or type of covered prescription insulin drug.
Most years, Illinois passes many new laws that typically go into effect in the new year. In 2020, the COVID pandemic impacted the Illinois General Assembly in March, which greatly limited lawmaker’s ability to convene and pass new laws.
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AREAS WE SERVE: Cook, Dupage, Kane, Lake, and Will counties