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Small Business Employee Benefits and HR Blog

Nevada Health Insurance Exchange Update – Approved Health Plan Rates

Nevada recently released approved health insurance premium rates that will be offered through its online health insurance marketplace starting January 1, 2014. Open enrollment begins October 1, 2013. The Nevada Health Insurance Exchange, called the Nevada Health Link, will be offering individual, family, and small business health plans through its marketplace. Jon Hager, the Executive Director of the Nevada exchange is quoted saying, “I think that we’ve got some fairly competitive rates and plans in the exchange.” The Nevada Division of Insurance’s actuary and independent consulting actuary closely investigated each proposed plan’s assumptions and proposals, asking carriers to justify the statistics driving their rates. According to Scott Kipper, the commissioner of the division, these investigations caused assumptions to change, and rates to change with them.

Nevada Health Insurance Exchange – Carriers

Four insurance providers will be offering health insurance plans through the Nevada Health Insurance Exchange. These providers include:

  1. Anthem
  2. Health Plan of Nevada
  3. Nevada Health CO-OP
  4. Saint Mary’s Healthfirst

Twelve insurers, including Cigna and Aetna, are sitting out of the exchange, at least for the first year. According to Kipper, some insurance companies want to wait a year before joining the exchange to see how it all works out.

Nevada Health Insurance Exchange – Rates

Below is a table displaying the average cost of a silver plan by age. There will be four level of plans offered through the exchange: bronze, silver, gold, and platinum. There will also be a catastrophic plan offered for residents less than 30 years of age.

NevadaRates resized 600

The rates above are unsubsidized rates. Those buying their insurance plan through the exchange will have access to tax subsidies to help make their health insurance more affordable. To see if you may qualify for these subsidies, see Individual Health Insurance Premium Subsidies in State Exchanges.

Note that the rates above are averaged over all Nevada counties. To get more detailed prices by county, visit Nevada’s Health Insurance Exchange website and you can search for rates by type of plan, metallic level, county, age, and carrier.

Jon Hager said he expects 118,000 residents to use the exchange to purchase insurance.

What do you think about the Nevada Health Insurance Exchange rates? Join the conversation in the comments below.

Health Insurance Exchanges 101