Deavila, Public Information Officer
RELEASE– October 16, 2015
Week 1 of the Fall
Health Insurance Awareness Campaign:
Key Insurance Terms
for Consumers to Know and Tools to Compare Costs of 2016 Health Insurance Policies
Carson City - The
insurance industry uses certain terms often misunderstood by consumers such as
co-pays, deductibles or acronyms like QHP, PPO, HMO, and the list goes on.
These terms are important for consumers to understand when shopping for a
health insurance policy.
The Nevada Division of Insurance has developed and makes
available on its website a Glossary
of Health Insurance Terms. Below are a few of the most common insurance
terms available on this glossary.
• Coinsurance: A percentage of a health
care provider's contracted charge for which the patient is financially
responsible under the terms of the policy.
• Co-payment: A dollar amount which a
patient must pay when visiting a health care provider.
• Exchange: Exchanges were set up as
part of the ACA to connect individuals and small businesses to a variety of
insurance plans from different health insurance companies, as well as offering
tools and resources to help you choose the plan that's right for you or your
small business. The Nevada Exchange is
the Nevada Health Link which is
the only health insurance resource that can provide you with federal tax
credits and subsidies to help cover the cost of your insurance. You can visit
the Nevada Health Link at www.nevadahealthlink.com
• Advance Premium Tax Credit (APTC):
The federal tax subsidy available to qualified purchasers of QHPs on the
• Qualified Health Plan (QHP): A health
insurance plan sold on the Health Insurance Exchange
• Essential Health Benefits (EHB): The
list of benefits that must be covered in all individual and small group plans.
In addition to understanding key health insurance terms,
consumers can compare the cost of insurance policies for individual and small
group plans that can be purchased on and off the Exchange.
The approved 2016 health insurance rates for individual and
small group markets can be viewed by consumers online at healthrates.doi.nv.gov or
by downloading the Division’s smartphone app NDOI Connect in the Apple App
Store and Google Play.
By utilizing the Rate Comparison Tool, consumers can compare
the health insurance plans available. These rates are displayed by age, county,
and are for non-smokers. The search results are displayed and then sortable by
plan name, carrier name, metal tier, and whether it is offered on or off the
Exchange. This allows the search to be limited for quicker focused
October 23rd, additional documents for each
policy such as the Schedule of Benefits and the full coverage contract will be available
for for review.
The Division also developed some educational videos to help consumers
understand the cost of health insurance.
These videos are available on the Division’s website at http://doi.nv.gov/Health-Rate-Review/
or on YouTube https://www.youtube.com/watch?v=-ae3DQ6NsXQ
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 Play.