Contact: Yeraldin Deavila, Public Information Officer
Phone: (775) 687-0772
E-mail: ydeavila@doi.nv.gov
FOR IMMEDIATE RELEASE – July 31, 2020
Proposed rate change averages for health insurance are available to the
public for review
CARSON CITY, NV – The Nevada Division of Insurance has received and
made public rate information from health insurance companies interested in
participating in the individual health insurance market for Plan Year 2021
(PY21).
Consumers who shop for health insurance in the individual market, can now view new rate information for PY21
on the Nevada Division of Insurance website.
Based on the submissions the
Division received for PY21, there are five insurance companies that submitted
proposed rates for plans offered on the Silver State Health Insurance Exchange
(SSHIX), or the State Based Exchange known as Nevada Health Link. Those
insurers are as follows: Health Plan of Nevada, SilverSummit, HMO Nevada, SelectHealth,
and Friday Health Plan, with up to 50 individual health plans to choose from.
The proposed average increase is 7.5%, which includes a COVID-19 load that
makes up 1.6% of the proposed average rate increase, for health insurance plans
sold On-Exchange through the Nevada Health Link. The Exchange
recently announced the Open Enrollment Period (OEP) for Plan Year 2021 will run
from November 1 through January 15, 2021 – extending the traditional OEP by an
additional 30 days and giving consumers a total of 75 days to enroll in a
comprehensive health care plan.
For the Off-Exchange market, six
insurance companies have submitted proposed rates: Health Plan of Nevada,
Sierra Health & Life, SilverSummit, Hometown Health Plan, Hometown Health
Providers, and SelectHealth, offering up to 61 individual health plans to
choose from with an average proposed rate increase of 3.2%, which includes a
COVID-19 load of 0.7%.
“This year, Nevadans have more
choices when it comes to their health coverage,” said Insurance Commissioner
Barbara Richardson. “As always, consumers should shop for health plans not only
based on price, but also taking into consideration the coverage and medical needs
for themselves and/or their families. 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
possible changes in their personal subsidies.”
The proposed 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, 2020.
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 2019, the Division
investigated more than 2,750 consumer complaints, answered over 10,700
inquiries, and recovered over $6.3 million on behalf of consumers. For more
information about the Division of Insurance, visit DOI.NV.GOV.