Division of Insurance releases estimates concerning health insurance rates
The Nevada Division of Insurance has released estimates concerning the policy premiums for plans sold through the state’s health insurance exchange, called the Silver State Health Insurance Exchange. The state agency notes that the exchange will begin open enrollment next month and believes that issuing rate estimates will help consumers better understand the financial aspects of policies sold through the exchange and prepare themselves accordingly. Policies sold through the exchange will become active on January 1, 2014.
Estimates account for individual market only
The rate estimates released by the Division of Insurance account only for the individual market, which accounts for 15.4% of the state’s fully insured market. Overall, rates will be affected by where consumers live, their age, and whether or not they have pre-existing medical conditions as well as several other factors. The policies sold through the state’s exchange system will be available in tiers, with the lowest tier offering the least benefits but also being less expensive than those in higher tiers.
Rates for individual coverage could be as low as $91
For residents of Clark County, the least expensive health insurance policies could cost as much as $91 per month, down from the $148 that was estimates for such policies in early July. State Insurance Commissioner Scott Kipper notes that rates are lower than expected because Nevada regulators pressured insurance providers to justify their initial estimations concerning such rates. Some policies sold through the exchange will be somewhat more expensive than those found outside the exchange, however, due to the fact that these policies are forced to provide certain levels of health insurance coverage.
Network information will not be available until October
Nevada officials have no plans to release other information concerning the exchange’s policies until the exchange is officially opened in October. Therefore, consumers will not know the networks options they will have for these policies or the costs that policyholders will share with insurers. Four providers are offering policies through the health insurance exchange: Anthem, Health Plan of Nevada, Nevada Health CO-OP, and Saint Mary’s.