Carson City, NV -
December 08, 2014The
Nevada Division of Insurance (Division) has become aware that two small group
PPO plans offered in Nevada by Sierra Health and Life were sold with rates that
were not approved by the Division. It is estimated that at least 60 employers
in Nevada may have been affected.
Plans
sold at unapproved rates were sold under the names SHL Solutions PPO Silver
35/3000/70% and SHL Solutions PPO Silver 35/4500/70%. These plans were sold at
unapproved rates in all Nevada counties with the exception of Clark and Nye counties.
In
order to protect consumers state and federal law requires that all rates in
Nevada be reviewed and approved by the Nevada Division of Insurance. It is
illegal to sell an insurance plan at a rate that has not been approved.
Businesses
who believe they may have purchased these plans should be aware that misquoted
or unapproved health insurance rates are not permitted under any
circumstances.
Businesses
enrolled in these plans will be contacted by Sierra Health and Life notifying
them of the actual approved rate of their plans. Sierra Life and Health will
also require payment of the difference between the approved premium and any
previously invoiced or paid premiums.
Business owners have the following options:
·
Cancel
their coverage, request a refund of any premiums paid, and contact their
licensed health insurance broker to find a plan that best fits their needs.
·
Cancel
their coverage, receiving a refund of any premiums paid, and contact their
previous health insurance carrier to re-enroll in coverage they may have
previously canceled.
·
Pay
the difference between previously invoiced premiums and approved premiums, and
then continue their current enrollment with Sierra Health and Life paying the
approved premium for the entire plan year.
Business
owners with questions are encouraged to contact their licensed health insurance
broker or Sierra Health and Life with any questions.
All rate and plan information in the small group market is
available online by visiting doi.nv.gov. Click on “Health
Insurance Rates” in the main navigation menu, from the “Health Insurance Rate
Review” page click on “Search for Health Insurance Rates.”
Rates are displayed by age and county and are for non-smokers.
Search results are displayed and then sortable by plan name, carrier name,
metal tier, whether it’s on or off the Exchange and price.
Clicking on a plan name will take the user to the plan’s details,
which includes rates, schedule of benefits, evidence of coverage and links to
the plan’s provider network and drug formulary.
The
Nevada Division of Insurance will continue to monitor the situation.
About
the Nevada Division of Insurance
The
State of Nevada Division of Insurance is a division of the Nevada Department of
Business and Industry. It is the state agency that protects the rights of
Nevada consumers and regulates Nevada’s $11.5 billion insurance industry. It
has offices in Carson City and Las Vegas. In 2013, the
Division investigated more than 2,300 consumer complaints and recovered nearly
$4.4 million on behalf of consumers. Download the Division’s smartphone app NDOI
Connect today in the Apple App Store and Google Play.
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