Nevada’s 2021 Legislature passed Assembly Bill 250, which allows Nevada resident Medicare Supplement policyholders to annually shop and switch to another Medicare Supplement policy sold in this state. The new law goes into effect on January 1, 2022, and any replacement policy is guaranteed to be issued at standard rates, regardless of the applicant’s health or pre-existing conditions.
“Consumers will have the ability to review and change Medicare Supplement plans every year on their birthday without underwriting,” said Insurance Commissioner Barbara Richardson. “Nevada consumers now have the opportunity to review and compare these plans to find a Medicare Supplement plan that best fits their needs.”
Starting on the first day of their birthday month and extending for at least 60 days thereafter, existing Medicare Supplement policyholders may purchase a new Medicare Supplement plan, with the same or lesser benefits, from their existing carrier or a new carrier without underwriting. This excludes innovative benefits which covers extra benefits such as dental, vision, hearing and gym memberships.
To help consumers with the process of shopping and comparing Medicare Supplement plans, the Nevada Division of Insurance provides a Medicare Supplement Insurance Premium Comparison Guide and a Medicare Supplement Rate Lookup Tool, both of which can be accessed through the Division’s website. You can access the Medicare Supplement Insurance Premium Comparison Guide by visiting the Division’s website at www.doi.nv.gov, clicking on “News & Notices” from the main navigation menu, and then select “Publications” from the drop-down bar.
The Medicare Supplement Rate Lookup Tool, where consumers can compare the rates of all carriers offering Medicare Supplement plans, by zip code, can be found by clicking on the “Health Insurance Rates” tab from the main navigation menu, and then selecting “Medicare Supplement Rates” on the drop-down bar.