In 2021, Nevada became the second state to approve a Public Option health insurance that will go into effect no later than January 1, 2026. That means Nevadans will soon have better options and more affordable coverage for their health insurance needs. Here’s what you need to know about the Nevada Public Option and how it may make healthcare more affordable for you.
What is Nevada Public Option?
States pay a lot of money to insurance providers to maintain government-funded Medicaid programs — around $2 billion to be more precise. The Nevada Public Option, otherwise known as Battle Born State Plans (BBSPs), leverages this purchasing power to negotiate better health insurance options for Nevada residents.
New state laws require health insurance carriers who want to continue to participate in these very lucrative Medicare programs to also submit a good faith bid to provide new, lower-cost Public Option plans through the Silver State Health Insurance Exchange. It’s expected that premiums through Nevada Public Option plans will be at least 15% lower than state exchange plans for the next five years!
This novel initiative will bring record federal health care investments to the state, making health insurance more effective and affordable for Nevada residents.
When to enroll in Nevada Public Option plans
Although the bill was passed in 2021, residents may enroll in Nevada Public Option plans starting January 1, 2026 through Nevada Health Link. Enrollment is expected to increase gradually over the years:
- 600 in 2026
- 1,800 in 2027 & 2028
- 1,900 in 2029
- 2,000 in 2030
Nevada Public Option plans will work just like other health plans on Nevada Health Link. The only difference is that they must meet premium reduction targets. Projected premium reductions increase gradually, up to a mandatory 5.9% by 2030. However, members should see savings of up to 15% compared to current state exchange plans.
Nevada Public Option is good for Nevada
Not only will Nevada residents see major savings on their health insurance premiums, but Nevada as a whole will also see benefits. According to projections, Nevada will recoup an estimated $300-500 million in federal funds to lower premiums and improve healthcare quality.
Lower premiums will also reduce overall tax credits, meaning Nevada Public Option also isn’t expected to increase the federal deficit. In fact, the state expects to see $322 million in federal savings over the next five years.
Find a Nevada Public Option plan with Health Benefits Associates
Overall, the Nevada Public Option is a slam dunk for the state. If you or someone you know needs assistance signing up for individual health insurance, whether through BBSP or Nevada Health Link, contact the advisors at Health Benefits Associates by calling 775-828-1216. We’ll walk you through the options and choose a health insurance plan that works for your unique needs. Call today.
