NV | The Nevada Division of Insurance has received and made public rate information from health insurance companies interested in participating in the individual health insurance market for Plan Year 2021 (PY21).
Consumers who shop for health insurance in the individual market, can now view new rate information for PY21 on the Nevada Division of Insurance website.
Based on the submissions the Division received for PY21, there are five insurance companies that submitted proposed rates for plans offered on the Silver State Health Insurance Exchange (SSHIX), or the State Based Exchange known as Nevada Health Link. Those insurers are as follows: Health Plan of Nevada, SilverSummit, HMO Nevada, SelectHealth, and Friday Health Plan, with up to 50 individual health plans to choose from. The proposed average increase is 7.5%, which includes a COVID-19 load that makes up 1.6% of the proposed average rate increase, for health insurance plans sold On-Exchange through the Nevada Health Link. The Exchange recently announced the Open Enrollment Period (OEP) for Plan Year 2021 will run from November 1 through January 15, 2021 – extending the traditional OEP by an additional 30 days and giving consumers a total of 75 days to enroll in a comprehensive health care plan.
For the Off-Exchange market, six insurance companies have submitted proposed rates: Health Plan of Nevada, Sierra Health & Life, SilverSummit, Hometown Health Plan, Hometown Health Providers, and SelectHealth, offering up to 61 individual health plans to choose from with an average proposed rate increase of 3.2%, which includes a COVID-19 load of 0.7%.
“This year, Nevadans have more choices when it comes to their health coverage,” said Insurance Commissioner Barbara Richardson. “As always, consumers should shop for health plans not only based on price, but also taking into consideration the coverage and medical needs for themselves and/or their families. We also want to caution consumers that even though these rate increases may be lower, actual impacts on how much a consumer pays in premiums may vary from last year due to possible changes in their personal subsidies.”
The proposed rate submissions are from insurance companies who are interested in participating in the individual health insurance market. The Division is currently reviewing such requests but would also like consumer’s input on the proposed rate changes. The Division encourages consumers to review these rate changes and submit their comments through the Division’s website before rates are approved later in the month.
Approved rates will be posted on October 1, 2020.