The cost of Covid is manifesting in potentially higher health insurance premiums on the individual market, according to the Nevada Division of Insurance.
Five health insurance companies interested in selling their products via Nevada Health Link or the Silver State Health Insurance Exchange have submitted rate plans to the state. The average premium increase amounts to 7.5 percent, according to the Division of Insurance, with 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.”
Plans outside the exchange have an average proposed rate increase of 3.2 percent, with .7 percent attributed to the pandemic.
Last year, the approved average rate increase both on and off the Exchange was 1.7 percent.
“This year, Nevadans have more choices when it comes to their health coverage,” Insurance Commissioner Barbara Richardson said in a release. “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,” Richardson added.
The Insurance Division is asking consumers to weigh in on the proposed rate changes by submitting comments on its website.
The department will post approved rates on October 1.