Carson City, NV September 29, 2020
The Division of
Insurance (“Division”) posted final approved health insurance rates on its
website at healthrates.doi.nv.gov. As Open
Enrollment approaches, consumers can begin comparing health insurance plans and
rates a month ahead of Open Enrollment which starts November 1, 2020.
For Plan year 2021
consumers can choose from a total of nine insurance companies offering as many
as 111 plans in the individual health insurance market in Nevada. The approved
average rate increase in the individual market, both on and off the Exchange is
4.4%
On the Silver
State Health Insurance Exchange (“Exchange”), Nevada’s state agency that helps
connect individuals to budget-appropriate health coverage through the online
marketplace Nevada Health Link, there are five
insurance companies offering plans: Health Plan of Nevada, SilverSummit Health
Plan Inc., HMO Colorado Inc. dba HMO Nevada, Friday Health Plans of Nevada,
Inc., and SelectHealth, Inc., offering up to 50 plans. The average approved
rate increase on the Exchange is 4.2%.
“The COVID-19
pandemic has impacted consumers significantly, causing some people to lose
their job and the related health benefit from that job,” said Insurance
Commissioner Barbara Richardson. “Now is the time to begin shopping for health
insurance. Nevada Health Link is a great resource because it offers financial
assistance to eligible consumers to help offset for the cost of health
insurance.”
Although consumers
are encouraged to shop with Nevada Health Link first to find out if they
qualify for subsidies, consumers can also view plans offered outside the
Exchange.
Off the Exchange,
there are six insurance companies: Health Plan of Nevada, Sierra Health &
Life, SilverSummit Health Plan Inc., SelectHealth, Inc., Hometown Health Plan
(HMO company), and Hometown Health Providers (PPO company), offering up
to 61 plans. The average approved rate increase for off-Exchange is 5.0%.
“The approved rate
changes are a result of increases in medical costs, use of health insurance,
and the potential impact of COVID-19,” explained Commissioner Richardson.
“Although the impacts from COVID-19 are still unclear at this time, carriers
are expecting slightly higher costs in 2021 which are expected to affect the
2021 premiums on average. With the new health insurance options in the state
and the available financial assistance, the hope is that everyone shopping for
individual health insurance will find the right choice for themselves and their
family.”
There are several
ways consumers can view what their options are before Open Enrollment. Window
shopping on Nevada Health Link will be available starting October 1, 2020. For
more information visit Nevada Health Link at https://www.nevadahealthlink.com/.
Otherwise,
consumers shopping off-exchange can view approved rates and plan information by
visiting the Division’s website at www.doi.nv.gov,
clicking on “Health Insurance Rates” from 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. The search results are
displayed and then sortable by plan name, carrier name, metal tier, and whether
the product is offered on or off the Exchange. This allows the search to be
limited for quicker focused results.
Open Enrollment
begins November 1, 2020 and has been extended until January 15, 2021.
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 2019, the Division investigated more than 2,750 consumer
complaints, answered over 10,700 inquiries, and recovered over $6.3 million on
behalf of consumers. For more information about the Division of Insurance,
visit DOI.NV.GOV.
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