Deavila, Public Information Officer
RELEASE– November 6, 2015
Week 4 of the Fall
Health Insurance Campaign: How To Get More Bang For Your Buck
Last week, the Division of
Insurance provided information about the Open Enrollment process. This week’s
message contains tips on how to get more “bang for your buck.”
With Open Enrollment now in progress,
consumers are shopping for a 2016 health insurance policy. Many of them are
trying to get the “best deal” possible which translates as “cheapest” for many,
however, the cheapest may or may not be the best fit for you and your family. Carefully research the plans for the one that
best meets both your health and financial needs.
Consumers need to consider the
unique needs of themselves and their families. For example, if you are young
and healthy, you may want to consider a catastrophic or bronze plan, rather
than a gold plan which will be more expensive yet provide benefits less likely
to be required. The point is to get health insurance coverage for what you and
your family need, so that you won’t spend money on services you are unlikely to
use during the year.
It is important to remember that
the higher the out-of-pocket cost, the lower the monthly premium will be and
vice versa. If you are young and healthy you may be able to assume the risk of a
higher out of pocket deductible, paying a lower monthly premium.
Consumers that purchase specific
high deductible health plans may also have a health savings account (HSA). With
this option consumers put money into the HSA account at their own pace to help
pay for their deductible or their portion of the medical cost. It offers tax and financial planning
Additionally, make sure to enroll
and pay for a 2016 health insurance plan before December 15, 2015, so that you
will have coverage beginning January 1, 2016
The Division posts the cost and
the supporting documents for all health insurance policies for individual and
small group markets on and off the Exchange at http://healthrates.doi.nv.gov/Wizard.aspx.
Reading this material will help you make a better more informed decision for a
health insurance plan that fits the needs of you and your family.
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.