1)
Why does it say "Chalyo Asher Yamus Bo"?
1.
Radak (2:24, from Sotah 47a): Elisha fell sick three times. One was (punishment) for inciting bears to kill the youths (through his curse), one was for casting off Gechazi with both hands, and this one was the sickness from which he died.
2)
What is the significance that Elisha became ill now?
1.
Malbim: Elisha anointed Chaza'el to be king (based on Eliyahu's Nevu'ah), and prophesized that he will harm Yisrael. This could not be Batel in Elisha's lifetime!
3)
When did this occur?
1.
Malbim: It was at the beginning of Yo'ash's kingship, when his father Yehoachaz was still alive.