Carson City, NV - November 06, 2015
Last week, the Division of Insurance provided information about the Open Enrollment process. This week’s message contains tips on how to get more “bang for your buck.”
With Open Enrollment now in progress, consumers are shopping for a 2016 health insurance policy. Many of them are trying to get the “best deal” possible which translates as “cheapest” for many, however, the cheapest may or may not be the best fit for you and your family. Carefully research the plans for the one that best meets both your health and financial needs.
Consumers need to consider the unique needs of themselves and their families. For example, if you are young and healthy, you may want to consider a catastrophic or bronze plan, rather than a gold plan which will be more expensive yet provide benefits less likely to be required. The point is to get health insurance coverage for what you and your family need, so that you won’t spend money on services you are unlikely to use during the year.
It is important to remember that the higher the out-of-pocket cost, the lower the monthly premium will be and vice versa. If you are young and healthy you may be able to assume the risk of a higher out of pocket deductible, paying a lower monthly premium.
Consumers that purchase specific high deductible health plans may also have a health savings account (HSA). With this option consumers put money into the HSA account at their own pace to help pay for their deductible or their portion of the medical cost. It offers tax and financial planning opportunities.
Additionally, make sure to enroll and pay for a 2016 health insurance plan before December 15, 2015, so that you will have coverage beginning January 1, 2016.
The Division posts the cost and the supporting documents for all health insurance policies for individual and small group markets on and off the Exchange at http://healthrates.doi.nv.gov/Wizard.aspx. Reading this material will help you make a better more informed decision for a health insurance plan that fits the needs of you and your family.
About the Nevada Division of Insurance
The State of Nevada Division of Insurance, a Division of the Nevada Department of Business and Industry, protects the rights of Nevada consumers and regulates Nevada’s $11.9 billion insurance industry. The Division of Insurance has offices in Carson City and Las Vegas. In 2014, the Division investigated more than 2,800 consumer complaints and recovered nearly $4 million on behalf of consumers. For more information about the Division of Insurance, visit DOI.NV.GOV or download the Division’s smartphone app NDOI Connect today in the Apple App Store and Google Play.