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Proposed rate change averages for health insurance are available to the public for review

Contact: Yeraldin Deavila, Public Information Officer
Phone: (775) 687-0772
E-mail: ydeavila@doi.nv.gov

FOR IMMEDIATE RELEASE– July 30, 2019

Proposed rate change averages for health insurance are available to the public for review

CARSON CITY, NV – Consumers who shop for health insurance in the individual market, can now view new rate information for Plan Year 2020 on the Nevada Division of Insurance website.

Based on the rate submissions the Division has received for 2020 plans, there are three insurance companies that submitted proposed rates for plans on the Silver State Health Insurance Exchange (Exchange): Health Plan of Nevada, SilverSummit, and HMO Colorado, with up to 26 individual health plans to choose from. The proposed average increase is 0.5% for those health insurance plans sold On-Exchange through Nevada Health Link.

For the Off-Exchange market, four insurance companies have submitted proposed rates: Health Plan of Nevada, Sierra Health & Life, Hometown Health Plan, and Hometown Health Providers, offering up to 27 individual health plans to choose from with an average proposed increase of 1.9%

“This is the second year in a row that the Division has received modest increase requests,” said Insurance Commissioner Barbara Richardson. “However, consumers should start thinking about shopping for health insurance early to be sure the coverage meets their individual and/or family needs. We also want to caution consumers that even though these rate increases may be lower, actual impacts on how much a consumer pays in premiums may vary from last year due to some federal changes in the subsidies.”

These rate submissions are from insurance companies who are interested in participating in the individual health insurance market. The Division is currently reviewing such requests but would also like consumer’s input on the proposed rate changes. The Division encourages consumers to review these rate changes and submit their comments through the Division’s website before rates are approved later in the month.

Additional information on proposed rate changes can be accessed by viewing a summary of the proposed rate changes or by visiting the Division’s website at http://doi.nv.gov/rate-filings.

Approved rates will be posted on October 1, 2019.

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 $14 billion insurance industry. The Division of Insurance has offices in Carson City and Las Vegas. In 2018, the Division investigated more than 3,100 consumer complaints and recovered over $8.4 million on behalf of consumers. For more information about the Division of Insurance, visit DOI.NV.GOV.

 

 

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