Nevada Health Insurance & NevadaHealthLink.com Information
January 31, 2017 was the deadline for the 2017 open enrolment through the Nevada state marketplace (Nevada Health Link). If you’re a Nevada resident, you must have a health insurance plan, whether through the state marketplace or directly from a health insurance provide. If you’re without coverage, then it is highly possible that you may have to pay a large fine unless you qualify for an exemption. That’s not all. If you’re not insured, you’re putting yourself at risk of bankruptcy which may lead you to opt for poor quality health care. What should you do next? We can help.
Give us a call at 1-888-418-8795 and a licensed insurance agent will be able to guide you through your options.
About Nevada Health Link
Nevada Health Link is the online Exchange where you can get affordable health insurance. All the health insurance plans available here have been vetted so that they all comply with the requirements of the Affordable Care Act.
This is operated by the Silver State Health Insurance Exchange, the state agency in Nevada tasked with assisting residents in getting insurance coverage that they can afford.
The State of Nevada established the Exchange in 2011 and began operating in 2013. Its guiding principle is that all residents of Nevada should have access to proper health insurance. With Nevada Health Link, people can find and compare health insurance plans that fit their needs and their budget. In addition, the site can help provide subsidies and tax credits to help minimize the cost of premiums for qualified enrollees.
The newest figures for the latest enrollment period show that 89,061 residents of Nevada enrolled this year. This is an increase of almost 1,000 more than the number of enrollees in 2016. This figure represents 70% of the previous enrollees plus an additional 29,000 new consumers.
In the past, almost 88% of Nevada Health Link enrollees qualified for Advance Premium Tax Credits (APTC) and other types of subsidies. These subsidies are only available through the Exchange.
It is clear that there is a very great need for qualified health insurance plans through the Nevada Health Link. However, an estimated 12% of Nevada residents are still uninsured.
Benefits of the Nevada Health Link
If you are a resident of Nevada, getting your insurance plan from the Exchange offers many benefits as mandated by Obamacare. You can get coverage for emergency care, chronic pain can be managed more affordably, and you can get various preventive health care services for free.
More importantly, you now have a health insurance marketplace in which you cannot be denied health care coverage even if you have a pre-existing medical condition. The insurance company cannot charge you higher premiums simply because you are already sick.
You can get proper health insurance from reputable insurance providers, and these available plans offer at least the minimum coverage required by the ACA.
Obamacare in Nevada
From 2010 to 2015, about 294,000 people in Nevada were able to get health insurance coverage because of Obamacare. This accounts for everyone who obtained health insurance through all the ways made available by the ACA. This includes the Medicaid expansion which Nevada implemented.
In January of 2017, Governor Sandoval of Nevada announced that the number of Nevadans that have gained health insurance coverage through Obamacare has gone up past 400,000. Most of them are slated to lose this coverage with the repeal (and lack of replacement) for the ACA. They would no longer have access to the subsidies mandated by Obamacare and the resulting premiums would then become unaffordable once again for these residents.
In 2013, it was also reported that Nevada had the highest rate of uninsured children throughout the country. The nationwide average rate for uninsured children was 10% and in Nevada it was 19%. Fortunately, since then, Nevada has seen the greatest reduction in the number of uninsured children.
It is estimated that of those who bought a health insurance plan outside the Exchange, 27,000 of them would have been qualified for premium subsidies had they purchased their insurance coverage through the marketplace.
Also, 295,000 people in Nevada are still uninsured. About 31% of them are eligible for Medicaid and 14% of them would have qualified for premium subsidies through the exchange.
Obamacare Health Insurance Plans
For 2017, the Nevada Exchange features 3 carriers just like in 2016. In 2017 the benchmark premium only increased by 6%. Nevada is just 1 of 9 states featured in the Healthcare.gov platform that had a single-digit increase in premium prices. However, these increased premium costs can also be mostly covered by increased subsidies.
The 4 basic “metallic” plans available in the Exchange are as follows:
- 60% of the total costs are covered by the provider.
- 70% of the total costs are covered by the provider.
- 80% of the total costs are covered by the provider.
- 90% of the total costs are covered by the provider.
The Platinum plans offer the most expensive premiums, while the Bronze plans cost the least. Platinum plans also have the smallest amount of deductibles.
There is a special health insurance plan called a catastrophic plan. This is only for those who are less than 30 years old and who are qualified for special exemptions. This plan also covers the various preventive medical services that include screening for various diseases, coverage for mental issues and substance abuse, and support for pregnant women.
If you are not able to get insurance beyond the OEP, you may have to pay a tax penalty.
Talk to our licensed Nevada insurance agent and find out what your options are for health coverage in 2017.