In 2014, the Affordable Care Act was implemented into the health insurance market for individuals and families. 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.
How Rates Are Calculated
The Nevada Division of Insurance approves the health insurance plans and rates each year for individuals and families. 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.
Fortunately, health insurance companies cannot ask you health questions when you apply. Furthermore, pre-existing conditions do not affect the monthly premium of your plan.
Changing Plans or Carriers
Each year, insurance companies change their benefits and rates based on what is approved by the Division of Insurance. 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.
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. Premiums are lower in price. These plans usually have stronger benefits and there are usually more doctors in the network list. Group plans do not require you to wait until Open Enrollment. If you qualify for a group plan, you can enroll mid year. To learn more about group health plans, please click here.
People at the age of 65 or with certain disabilities qualify for Medicare. Medicare plans range in benefit and price. There are Part C Medicare Advantage Plans and Medigap Plans. Both 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.