Carson City, NV July 30, 2019
Consumers who shop for health insurance in the individual
market, can now view new rate information for Plan Year 2020 on the Nevada Division of Insurance website.
Based on the rate submissions the Division has received for
2020 plans, there are three insurance companies that submitted proposed rates
for plans on the Silver State Health Insurance Exchange (Exchange): Health Plan
of Nevada, SilverSummit, and HMO Colorado, with up to 26 individual health plans
to choose from. The proposed average increase is 0.5% for those health
insurance plans sold On-Exchange through Nevada Health Link.
For the Off-Exchange market, four insurance companies have
submitted proposed rates: Health Plan of Nevada, Sierra Health & Life,
Hometown Health Plan, and Hometown Health Providers, offering up to 27
individual health plans to choose from with an average proposed increase of
“This is the second year in a row that the Division has
received modest increase requests,” said Insurance Commissioner Barbara
Richardson. “However, consumers should start thinking about shopping for health
insurance early to be sure the coverage meets their individual and/or family
needs. We also want to caution consumers that even though these rate increases
may be lower, actual impacts on how much a consumer pays in premiums may vary
from last year due to some federal changes in the subsidies.”
These rate submissions are from insurance companies who are
interested in participating in the individual health insurance market. The
Division is currently reviewing such requests but would also like consumer’s
input on the proposed rate changes. The Division encourages consumers to review
these rate changes and submit their comments through the Division’s website
before rates are approved later in the month.
Additional information on proposed rate changes can be
accessed by viewing a summary
of the proposed rate changes or by visiting the Division’s website at http://doi.nv.gov/rate-filings.
Approved rates will be posted on October 1, 2019.
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 $14 billion insurance industry. The Division
of Insurance has offices in Carson City and Las Vegas. In 2018, the Division
investigated more than 3,100 consumer complaints and recovered over $8.4
million on behalf of consumers. For more information about the Division of
Insurance, visit DOI.NV.GOV.
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