Nevada: Avg. 2022 #ACA premium rate changes: +4.1% indy market; +5.3% sm. group market
Division of Insurance announces approved health insurance plans and rates for the individual health insurance market
October 1, 2021
- Division announces approved health insurance plans and rates for the individual health insurance market
- Nevada Consumers encouraged to view and compare health insurance plans and rates for 2022
Carson City, NV – In preparation for Open Enrollment next month, the Nevada Division of Insurance has made public the approved health insurance rates for consumers who shop on the individual health insurance market, both on and off the Silver State Health Insurance Exchange (Exchange), which is the state agency that oversees and connects eligible Nevada residents to affordable health and dental plans through Nevada Health Link.
“The Division worked hard during the rate review process to make sure rates were adequate and not excessive,” said Insurance Commissioner Barbara Richardson. “Now it is up to Nevada consumers to review and compare these plans to find health coverage that best fits their needs and the needs of their families. There are many free resources out there that can help them with this task.”
Overall, for Plan Year 2022 consumers can choose from a total of 10 insurance companies offering as many as 180 plans in the individual health insurance market in Nevada. The approved average rate increase in the individual market, both on and off the Exchange, is 4.4 percent.
The average approved rate increase for health plans sold through Nevada Health Link is 4.2 percent. Seven insurance companies will be offering up to 126 health plans, an increase compared to 50 plans last year. Those insurers include:
- Friday Health Plan
- HMO Nevada
- Health Plan of Nevada
- Aetna Health (new to the Exchange)
- Hometown Health Plan (new to the Exchange)
“Nevada Health Link is excited to be able to offer many more health plan options from an expansion of new carriers joining Nevada’s health insurance market,” said Heather Korbulic, executive director of Silver State Health Insurance Exchange. “As always, we want to highlight that rate increases will have little to no impact because when rates increase so do the subsidies that help eligible Nevadans cover their monthly premium costs."
Consumers are encouraged to first shop with Nevada Health Link to find out if they are eligible for subsidies, because Nevada Health Link is the only entity that offers federal financial assistance (subsidies) for affordable health insurance. However, consumers can also view plans offered outside of the Exchange should they not qualify for subsidies or wish to see other options.
The average approved rate increase for off Exchange is 4.9 percent. Seven insurance companies will be offering up to 54 individual health plans from which consumers can choose. Those insurers include:
- Hometown Health Plan
- Health Plan of Nevada
- Hometown Health Providers
- Rocky Mountain
- Sierra Health & Life
There are several ways consumers can view what their options are before Open Enrollment begins. Nevada Health Link offers a “window shop” period starting today, October 1, 2021. According to Nevada Health Link window shopping allows consumers the opportunity to get a first glimpse of all 2022 health and dental plans, including details about monthly premiums, deductibles as well as obtain a general idea of how much financial assistance they may be eligible. For more information visit Nevada Health Link.
Otherwise, consumers shopping off-exchange can view approved rates and plan information by visiting the Division’s website, clicking on “Health Insurance Rates” from the main navigation menu, from the “Health Insurance Rate Review” page, click on “Search for Health Insurance Rates.”
Rates are displayed by age and county and are for non-smokers. The search results are displayed and then sortable by plan name, carrier name, metal tier, and whether the product is offered on or off the Exchange. This allows the search to be limited for quicker focused results.
The Division also encourages consumers to follow the Division’s Facebook and Twitter accounts beginning in October where it will be breaking down important information for consumer to help them shop for health insurance.
Open Enrollment begins November 1, 2021 through January 15, 2022.
Hmmm...the NV Insurance Dept. puts the averages at 4.2% or 4.9% depending on whether you're talking about on or off-exchange...but I get the weighted average rate increase at 4.1%. Not sure what to make of that.
Also, while Aetna is definitely new ot the Nevada market, the note abouot Hometown Health Plan is a bit confusing: It looks like they were available off-exchange last year, but they're newly available on-exchange in 2022 as well (they had around 2,600 enrollees this past spring).
The small group market, meanwhile, looks like it'll be avereaging a 5.3% rate increase.