Are You Ready for Open Enrollment in Nevada?
The only thing consistent in health care is change!
One of the biggest changes in US history was when President Obama passed the Affordable Care Act. The Affordable Care Act regulates individual and family plans and employer plans, but not Medicare plans.
This article discusses the top things to keep in mind while looking for individual and family plans in Nevada.
By the end of this article, you will know as much about health care as an insurance broker like me! We can help you look at plan options at our offices in Reno or Sparks.
Did You Know?
In 2014, the Affordable Care Act was implemented into health insurance.
The Affordable Care Act is also known as the ‘ACA’ or ‘ObamaCare’. The ACA does not affect or regulate Medicare policies. (We will discuss Medicare more at the end of this article)
With strict guidelines on how to enroll, the ACA also changed when people can apply for coverage.
If you are uninsured and need health insurance coverage, you can apply for a plan during the Open Enrollment Period. Open Enrollment in Nevada starts on November 1st and ends on December 15th.
If you apply for a plan during this time period, your coverage will start on January 1st.
People who are currently enrolled in an individual and family plan can also renew their policy during Open Enrollment in Nevada.
Most plans automatically renew unless the insurance company stops selling your plan in the next calendar year.
How Rates Are Calculated
The Nevada Division of Insurance approves the health insurance plans and rates each year for individuals and families.
They also include a search tool so you can look up all approved plans and rates in Nevada!
So if you ever get a call from a salesperson selling you a health insurance plan that ‘seems too good to be true, you can always check to make sure it is not a scam!
Some counties in Nevada will have more options compared to rural areas.
Because there are different plans and rates throughout the state of Nevada, it is important to consult a licensed broker during the Open Enrollment period. Our brokers do not charge fees and will help you determine what your options are during Open Enrollment in Nevada.
When looking at plans and rates, your monthly premiums will be determined by the following:
- The plan you want to enroll in.
- Your age.
- The ages of your enrolling dependents.
- The county of your home address.
- Tobacco usage (some insurance companies choose not to increase rates if you are a tobacco user!)
Did you Know?
Health insurance companies cannot ask you health questions when you apply.
Furthermore, pre-existing conditions do not affect the monthly premium of your plan and do not affect your eligibility for coverage! T
his is great news because KFF.org calculates that almost 54 million Americans would go uninsured if the ACA was not available:
Changing Plans or Carriers
Each year, insurance companies change their benefits and rates based on what is approved by the Division of Insurance.
On the Nevada Division of Insurance website, they outline their review process as:
There is a lot that goes into determining your rates, but your voice is one of the biggest impacts! To leave a public comment or look at the review process with the Nevada Division of Insurance, please click here. Here is the contact information for the Division of Insurance:
Each year, health insurance plan benefits change ever so slightly.
Due to these subtle policy changes, people should review their options each Open Enrollment Period.
Here are the main reasons why you should consider changing your current individual and family plan during Open Enrollment:
- Your favorite doctors or facilities no longer contract with your insurance policy.
- The monthly premium is increasing dramatically.
- Your renewing benefits do not satisfy all your medical needs.
- There is a new plan available in your area with better benefits, lower rates, and a larger network list.
- Alternate Options
To shop plans on our website, go to www.healthbenefits.net and click on the “Individual and Family Quote” button.
Individual and Family premiums are expensive! Fortunately, there are alternate options for major medical coverage. If you own a business, you may qualify for group health plan coverage. Here are the main eligibility requirements for a group health plan:
You can learn more about these rules by clicking here.
Why Start a Group Health Plan?
Here are some advantages to enrolling in a group health plan:
- Lower premiums.
- These plans usually have stronger benefits.
- There are usually more doctors in the network list.
- Group plans do not require you to wait until Open Enrollment to sign up. If you qualify for a group plan, you can enroll mid-year.
To get a quote for a group health plan, go to www.healthbenefits.net and click on the “Group/Small Business Quote” button.
Did You Know?
People at the age of 65 qualify for Medicare.
Many people think that you qualify for Medicare at 62 since that is when you can start collecting Social Security benefits!
It is still possible to get Medicare before the age of 65, but you need to qualify due to a disability. Medicare.gov outlines the requirements to get Medicare prior to 65 as:
Medicare plans range in benefit and price. There are Part C Medicare Advantage Plans and Medigap Plans.
There are also Part D drug plans. In general, Medicare plans are significantly lower in price compared to ACA plans!
Both Medicare Advantage and Medigap policies have different enrollment rules and guidelines.
If you qualify for Medicare, you can potentially save thousands of dollars in premiums and out-of-pocket costs compared to the individual and family market.
To learn more about Medicare and how to enroll, please click here.
To get a quote for a Medicare plan, go to www.healthbenefits.net and click on the “Medicare Quote” button.