How Much Does Obamacare Cost in Nevada?
This article explains the costs of health care plans offered under Obamacare (the Affordable Care Act of 2014) for individuals or families who are currently uninsured or not covered by a job-based health plan.
What you'll pay for an Obamacare plan depends on five things:
- The level of coverage you choose
- Whether you qualify for a subsidy
- Where you live in Nevada
- Your age
- Whether you smoke
Read on to learn more about each of these factors.
1. The Level of Coverage You Choose
Obamacare insurance plans offer four levels of coverage:
Platinum -- covers approximately 90% of health care costs
Gold -- covers approximately 80% of health care costs
Silver -- covers approximately 70% of health care costs
Bronze –- covers approximately 60% of health care costs
Bronze plans carry the lowest monthly premiums, but you will pay the highest out-of-pocket costs for health care services. Platinum premiums are highest, but additional expenses will be lower than with other plans.
All four categories offer the same essential benefits, including hospitalizations, prescription drugs, maternity care, and more. The categories don’t affect the amount or quality of care you will receive.
In addition to the categories above, if you are under the age of 30, you can purchase a “catastrophic” insurance plan at a lower cost than a bronze plan. These plans don’t qualify for the premium discounts discussed below. Under a catastrophic plan, you will probably have to pay all of your medical costs up to a certain amount, perhaps several thousand dollars. After that, the costs of essential health care benefits are paid by insurance.
2. Whether You Qualify for a Subsidy
Depending on your income and the size of your family, you may be able to reduce the costs of Obamacare insurance in one of the following ways:
Lower monthly premiums. You can lower the cost of your monthly premiums if you qualify for a tax credit. The credits are applied directly to your monthly premiums, so you save money right away.
Reduce out-of-pocket costs. If you meet the eligibility requirements, the total amount of your annual out-of-pocket costs will be reduced.
Obtain coverage under Medicaid or the Children’s Health Insurance Program (CHIP). Low-income individuals and families may qualify for free or low-cost health care coverage through one of these programs, instead of Obamacare. Many states will be expanding Medicaid eligibility in 2014, so your chances of qualifying may increase.
For details about these subsidies and to learn more about whether you qualify, see How to Save Money on Obamacare Plans.
3. Where You Live in Nevada
In most states, premiums vary depending on where you live. To learn more about costs in your region of Nevada, see the links at the end of this article.
4. Your Age
Under Obamacare, health plans must allow you to enroll regardless of your age, but the costs of your plan will most likely depend, in part, on how old you are. For specifics in Nevada, use the links at the end of this article.
5. Whether You Smoke
The Affordable Care Act allows insurance companies to charge people who use tobacco up to 50% more in monthly premiums than those who do not. (The average additional cost is about 20%.) In addition, subsidies can’t be used to cover any portion of the tobacco surcharge added to the monthly premium.
You can learn the final costs for specific plans, including whether you qualify for subsidies or low-cost care programs, by applying for insurance online at HealthCare.gov.
Useful Resource: Kaiser Family Foundation Subsidy Calculator
The Kaiser Family Foundation Subsidy Calculator is a quick way to get a rough idea of what kinds of costs and subsidies you're likely to face. It is embedded here for your convenience.
In Nevada, There are four geographic locations:
- Southern NV: Clark & Nye Counties
- Northern NV1: Washoe County Northern
- NV2: Carson City, Douglas, Lyon and Storey Counties
- Rural NV: All other counties
Sample Rates for plans submitted in the individual market are available to view on the Nevada Division of Insurance Website. Carriers participating in Nevada Health Link include the following plans. Qualified Health Plans offered through Nevada Health Link are marked with “SSHIX”.
Proposed 2014 Individual Market Rates
NOTE: Premiums shown are for the lowest priced plan and do not reflect potential surcharges for tobacco use.
The premiums shown are for ACA compliant plans in which premiums may only be based on age, geographic location, family composition, and tobacco use. Other rating factors including, but not limited to, sex/gender, health history, current health status, and history of being insured are prohibited in ACA compliant plans. All ACA compliant plans must cover the Essential Health Benefits with no annual or lifetime limits. As a result, it is difficult to accurately compare the premiums shown to non-ACA compliant plans including those readily available in the Nevada market prior to January 1, 2014.
Four representative ages are shown in the silver and gold metal tiers, when available. The silver tier represents 30 percent cost sharing, and the gold tier represents 20 percent cost sharing. Some carriers only offer bronze metal tier plans; for this tier cost sharing is 40 percent. Some carriers also offer catastrophic plans which are typically limited to only those who are under the age of 30. These catastrophic plans offer only preventive care until the annual out of pocket maximum is reached, at which time eligible expenses are paid at 100 percent.
There are four possible geographic locations:
1. Southern NV: Clark & Nye Counties
2. Northern NV1: Washoe County
3. Northern NV2: Carson City, Douglas, Lyon and Storey Counties
4. Rural NV: All other counties
DISCLAIMER: Rates shown are proposed rates only and are not necessarily indicative of the rates that will be final and approved. The Division of Insurance reviews all rate filings to ensure they are adequate, not excessive and not unfairly discriminatory. Final approved rates may be higher or lower than the proposed rates shown.
- Aetna Life
- Hometown Health
- Health Plan of Nevada
- Nevada Health CO-OP
- Saint Mary's
You may also be interested in:
Learn which Nevada residents must have health coverage under the Affordable Care Act (ACA or Obamacare) and find out about the penalty you'll pay if you don't have a qualifying health plan.
Learn where Nevada residents should go to get health plans under the Affordable Care Act (Obamacare) and how to get help with the application process.
Five things Nevada residents need to know about the Affordable Care Act (ACA or Obamacare), including whether you must get health insurance, how much it will cost, and how you can save money.