The Obamacare Nevada state exchange is run by the state of Nevada. This is because Nevada’s government has decided to run their own exchange. Other states rely on the Federal government for help.
The healthcare marketplace in Nevada is responsible for signing up the people who lack healthcare insurance in Nevada. The Obamacare Nevada exchange is a place where private health insurance polices–that have met Affordable Care Act regulations–can be purchased.
Nevada is one of 15 states that will run their own healthcare marketplace. The Obamacare Nevada state exchange for Nevada residents can be found at: Nevada Health Link.
The Nevada healthcare exchange is simply a store where you can purchase Obamacare plans. 85% of Americans already have insurance, and have little need for the healthcare exchange (other than to shop for a cheaper plan). 15% of Americans don’t have insurance. These are the ones who really need to use the healthcare exchange to get coverage.
How Do I Sign Up For Obamacare In Nevada
How do I sign up for Obamacare in Nevada?
Sign up for Nevada Obamacare by going to Nevada Health Link. You can get healthcare on the Obamacare Nevada state exchange 3 ways:
- Nevada Health Link
- by mail
- in person
Open enrollment begins October 1st of each year. Healthcare coverage begins January 1st. You must apply for healthcare via open enrollment by March 31st. You must have health coverage or pay a penalty due to the Individual Mandate. By applying for coverage, you will find out if you qualify for:
- Subsidized Private Insurance Plan
- Private Insurance Plan (likely cheaper premiums than private offerings)
Do I Need To Sign Up For Obamacare?
To answer the question, “Do I need to sign up for Obamacare?” consider the following:
- If you have insurance through your employer or government, you don’t have to do anything with Obamacare. See how Obamacare affects you here.
- If you don’t have insurance–and you are low income ($15,282 for an individual)–you may qualify for the expansion of Medicaid (see below).
- If you don’t qualify for Medicaid, you will likely qualify for subsidies to buy health insurance when you sign up on the state exchange at Nevada Health Link.
Obamacare Nevada Rates
Obamacare Nevada rates vary by the same factors that exist in most states. In Nevada, the rate you pay for health insurance varies by:
- your age
- your income
- where you live in Nevada
- if you smoke
- the level of coverage you pick
Federal tax credits will help people with low to mid incomes pay for heath insurance. Obamacare Nevada tax credits are the same as in other states. The only difference is how the poverty level is defined in each state.
Nevada rates are also determined by insurance companies who divide Nevada into regions when setting the rates. Nevada rates are coming in lower than expected. The differences between high and low rates for healthcare insurance in each region include:
- regional differences in medial costs
- relative health and age of the population
- disease/mortality rates of the region
- having to pay for people with preexisting conditions in your area (raises costs)
- increased competition between health insurance plans (lowers costs)
Nevada premiums for insurance are coming in lower than expected. So low that some insurance companies are leaving the state. The best way to get lower premiums is to qualify for Medicaid. The next best way is to qualify for Federal subsides by falling into the income ranges below.
Subsidies on Nevada premiums are for individuals and families who make between:
- $11,490 to $45,960 for individuals
- $15,510 to $62,040 for a family of 2
- $19,530 to $78,120 for a family of 3
- $23,550 to $94,200 for a family of 4
- $27,570 to $110,280 for a family of 5
- $31,590 to $126,360 for a family of 6
- $35,610 to $142,440 for a family of 7
- $39,630 to $158,520 for a family of 8
Individuals and families that make less than this range may be eligible for the expansion of Medicaid. Those that make more than this range are not eligible for Federal subsidies. Even if you make too much to qualify, you still be able to find cheaper plans than in the private sector.
Those that do fall into this range will get Federal subsidies on their health insurance. Obamacare Nevada premiums also depend on the type of plan you choose. See more about Obamacare plans here. Recent data from the RAND Corporation on Nevada premiums shows that in Nevada (before Federal subsidies):
For all age groups and plans combined in Nevada:
- The Lowest Cost Weighted Average Premium (Bronze) in Nevada is $227/month (national average is $249).
- The Lowest Cost Weighted Average Premium (Silver) in Nevada is $295/month. (national average is $310).
- The 2nd Lowest Cost Weighted Average Premium (Silver) in Nevada is $297/month. (national average is $328).
These premiums are the weighted averages for most people. Results will vary based on a few factors for your personal situation. The good news about Nevada premiums is that premiums are much cheaper than the national average. There is a lot of competition driving down the prices.
In states like Nevada, premiums are going up higher to account for people with preexisting conditions. Insurance companies are making up for the fact that they could exclude people with preexisting conditions in the past. In Nevada, these protections increase the cost of premiums for everyone.
The good news about Nevada premiums is that Federal subsidies will help lower costs for many people. Individuals making less than $45,960 are eligible for subsides in Nevada. Families of four making less than $94,200 should also qualify for subsidies on premiums.
Also, premiums in Nevada are going down because of increased competition. The market forces have lead to cheaper insurance premiums in Nevada. They come in right at the national average.
Medicaid Expansion In Nevada
Medicaid expansion in Nevada is going to happen starting January 1st, 2014. The Governor supports the expansion, and signed the law the Nevada Legislature gave him.
Here are the considerations facing Nevada regarding the Medicaid expansion:
Gov. Bryan Sandoval says about the expansion:
I have never liked the Affordable Care Act, because of the individual mandate it places on citizens, the increased burden on businesses and concerns about access to healthcare. The Law has been upheld by the Supreme Court. As such, I am forced to accept it as today’s reality and I have decided to expand Nevada’s Medicaid coverage.
Expanding Medicaid will cover people without insurance. It would also bring in billions of free tax dollars over the next decade. Although all of this may sound complicated, what you have to do is sign up at Nevada Health Link. The Obamacare exchange in Nevada will help you see what Obamacare can do for you.