Deavila, Public Information Officer
RELEASE– September 02, 2015
The Nevada Division of Insurance approves 2016 Health Insurance Rate
The Nevada Division of Insurance
has reviewed and approved 2016 health insurance rates for the individual and
small group markets. Each carrier must receive approval from the Division of
Insurance before marketing rates for an upcoming year.
The Division of Insurance is
pleased to announce that there are notably lower percentage rate changes for
2016 health plans, and has observed a significant growth of covered lives in
the individual insurance market since January 2014.
For 2016, small employers and
their employees will experience a low 5 percent average increase, while consumers
on the Nevada individual section of the Nevada Health Link (Exchange) will see
an average increase of 8.7 percent. Those who purchase off the Exchange in the
individual market will see a 9.6 percent increase.
“Nevadans benefit from a very
competitive market with 18 different carriers competing annually.” said Acting
Insurance Commissioner Amy Parks. “This market competition has served to keep
rate increases low in the small group market, and has moderated rate changes in
the individual market to below 10% for the last two years.”
The Division of Insurance along
with nationally recognized actuarial consulting firms reviews each Nevada rate
change for compliance with state and federal laws, ensuring that the rate is
not excessive yet still adequate for the insurer’s ability to meet its
financial obligations to the policyholder.
The Division of Insurance
encourages every Nevada consumer to take advantage of the tools available to
help them in selecting a health insurance plan.
Consumers may view the rate filings with documentation supplied by the carrier
on the Division of Insurance website at http://doi.nv.gov/Rate-Filings/. On
October 2nd the Division of Insurance will be releasing the approved
premium by plan to further assist consumers in making their 2016 coverage
decisions. These approved rates will be posted on the Division of Insurance
website at http://healthrates.doi.nv.gov/Wizard.aspx.
About the Nevada Division of Insurance
The State of Nevada Division of
Insurance, a division of the Nevada Department of Business and Industry,
protects the rights of Nevada consumers and regulates Nevada’s $11.9 billion
insurance industry. The Division of Insurance has offices in Carson City and
Las Vegas. In 2014, the Division investigated more than 2,800 consumer
complaints and recovered nearly $4 million on behalf of consumers. For more
information about the Division of Insurance, visit DOI.NV.GOV or download the
Division’s smartphone app NDOI Connect today in the Apple App Store and Google