Nevada health insurance exchange fees approved by state board

Nevada health insurance commissioner State Legislature Building

Health insurance Nevada State Legislature BuildingNevada health insurance exchange policies will have fee attached

Nevada has been working to develop its own health insurance exchange in recent months. Late last year, the state announced that it would be building its own exchange program. Many of the details have yet to be worked out, but state officials have made some headway concerning the Nevada health insurance exchange this week. The Silver State Health Insurance Exchange board, which was formed to help formulate the governance of the state’s exchange program, has approved fees that will be associated with the insurance policies sold through the exchange.

Fees approved by state officials

The Nevada health insurance exchange will be populated by policies that are offered from many of the state’s private health insurance companies. These policies are meant to be priced lower than those that can be found in the private market, but will offer nearly identical coverage. In order for the Nevada health insurance exchange to generate the money it needs to continue operating, however, state officials believe that there must be a fee associated with these policies, a surcharge for each policy acquired by consumers.

Fees may help bolster reserve for the exchange

The federal government is covering the majority of the costs associated with the Nevada health insurance exchange for the first year of its operation (2014), giving the state ample time to bolster the program’s reserves. According to the Silver State Health Insurance Exchange board, health insurance plans that do not include dental coverage will see a monthly surcharge of $4.95. Those that do include a dental plan will see a surcharge of $5.31. Standalone dental plans will see a very modest surcharge of 33 cents per month.

Exchange expected to begin enrollment in October

Thus far, the various aspects of the Nevada health insurance exchange have won the approval of the federal Department of Health and Human Services, which is overseeing the nationwide development of exchange programs. The state’s exchange is expected to begin enrolling new policyholders in October of this year, with health insurance policies going active in January 2014.

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