Nevadans who receive medical insurance through the Silver State Health Insurance Exchange could see the average proposed rate increase 38 percent for the individual market by 2018, according to a press release.
There will be four insurance companies offering plans in Nevada. Health Plan of Nevada Inc. proposes an average rate is 27.24 percent increase, while Anthem HMO proposes a 62 percent increase.
Based on the data from the Plan Year 2018, some carriers will decrease their plan options. Policies will also not be available on the exchange for residents in 14 Nevada counties in 2018.
“The proposed rate increases on the rate submissions filed with the Division reflect the uncertainty of the health care market. The Division will diligently review the proposed rates before they are approved,” Insurance Commissioner Barbara Richardson said in press release.
Both Silversummit Healthplan Inc. and Aetna Health Inc. will be new to Nevada, and therefore they don’t have any increased rates.
The division has 30 days from the date the rate change application is turned in, to approve, modify, or disapprove an insurer’s rate change. It may reject rates if they’re deemed “excessive, inadequate or unfairly discriminatory.”
“People are able to get health insurance with preexisting conditions, which is fantastic,” said Health Benefits Associates broker Matt Law. “At the end of the day, premiums keep going up each year. Even if the coverage is offered to you, it still might be unaffordable for people to buy.”
The deadline for off-Exchange insurance carriers offering plans is July 17; the Division will post this information on its website on July 25.
Dollar amounts for the increased premium costs for should be released in October.