Nevadans looking for health insurance can find it on the state-run exchange, Nevada Health Link. This website will guide you through the enrollment process to secure a plan.
Nevada residents have many choices of Affordable Care Act/Obamacare plans to choose from, depending on their medical needs, income level and other factors. When comparing plans, keep in mind your medical needs, lifestyle and other aspects such as insurance coverage.
Costs
Obamacare costs in Nevada vary based on your income and the health plan you select. You may be eligible for tax credits that are based on your earnings, which could help save money over time.
Licensed agents and brokers in Nevada can assist you in selecting the ideal plan for your requirements. They have been specially trained to offer certain plans from certain insurance carriers within the Nevada marketplace.
The Affordable Care Act (ACA) divides plans into 4 metal tiers–Bronze, Silver, Gold and Platinum–based on their premium and deductible costs. These tiers offer various levels of coverage while decreasing your share of annual medical costs.
Coverage
Under Obamacare, Nevada residents can purchase individual and family health plans through the state’s health insurance exchange. Those who qualify can apply for subsidies, cost-sharing reductions and tax credits to help cover their costs.
Nevada also provides a Medicaid program that is free for qualifying Nevadans and their families. This coverage applies to those whose household income falls below 138% of the federal poverty level.
Another alternative is short term health insurance, which can be purchased outside the Marketplace. Unfortunately, these policies lack many of the same advantages as ACA-compliant coverage and may not cover preexisting medical conditions or ensure renewal.
Nevada residents who qualify to enroll in an Affordable Care Act plan during the open enrollment period, which runs from November 1 through December 15 each year. If you miss this deadline, however, there is still time to purchase a plan through special enrollment.
Subsidies
Under the Affordable Care Act, Nevadans may qualify for subsidies that reduce their premiums. These subsidies are based on income and can be used to purchase individual health insurance plans from multiple carriers.
Subsidies are available to make purchasing a plan more accessible for those who do not qualify for Medicaid or Medicare. They form an integral part of the health care reform law and provide an important boost to the marketplace.
Massachusetts, for example, provides substantial additional subsidies that reduce premiums for marketplace enrollees with low incomes. This may explain why Massachusetts has a lower uninsured rate than other states.
Tax credits
The Affordable Care Act (ACA) offers various tax credits to assist low- and moderate-income consumers pay for health insurance coverage. One such credit is the premium tax credit, which reduces monthly insurance payments on qualified Marketplace plans.
Consumers making less than 250% of the Federal Poverty Level may qualify for a cost-sharing reduction, which can help cover some out-of-pocket medical expenses. These can be an invaluable addition to premium tax credits.
Nevada residents may be able to obtain affordable private health insurance through Nevada Health Link, the state’s marketplace. Since January 2014, this portal has assisted 465,000 individuals in enrolling in various plans.
Exchanges
As part of Obamacare Nevada, individuals can select their health care plans through a state-run exchange. These exchanges offer various metal tiers tailored to specific healthcare needs and budgets.
Higher income individuals may qualify for subsidized coverage through the exchange. This subsidy is determined based on household size, income and healthcare needs.
Nevada Health Link, a state-based exchange, is independent from federal government oversight and can make decisions for the state of Nevada.
Nevada Health Link has seen success through their transition to a state-based exchange, where enrollment levels have been enhanced and costs reduced for consumers. This is in part thanks to the Inflation Reduction Act which made premiums more accessible for those purchasing coverage through the exchange.
