Nevada HealthLink Opens October 1st

RENO, Nev. - Aug. 12, 2013 - PRLog -- Reno, NV – Nevada HealthLink, the health insurance exchange in Nevada, just released the names of the four insurance groups that will be offering coverage through the Nevada HealthLink exchange for the 2014 plan year, the first year that individuals will be required by law to have health coverage.  

The four Nevada HealthLink participants will be made up of three insurance companies and one Co-Op. 

The three insurance companies are Anthem Blue Cross/Blue Shield, Saint Mary’s, and Sierra Life and Health.  All three of the insurance companies have been active health insurance providers in Nevada for over 10 years.  The Co-Op is a new business model designed in accordance with the Affordable Care Act.

The estimated cost of the health insurance from each one of these four entities is available on the Nevada HealthLink website.  All of the health insurance plans from each of these four entities will be available to purchase on October 1^st, 2013, and the health insurance coverage will start as soon as January 1^st, 2014. 

The complete description of the health insurance benefits from each one of the four companies has not been released, but all four have agreed to provide both the Silver and Gold level of benefits as required by the Affordable Care Act.  This means that there will be at least of eight plans available from the upcoming exchange, two from each company.

The estimated rates posted for all eight of these 2014 plans are higher than the cost of the comparable 2013 plan purchased today. 

In some categories, the 2014 rates are over twice as expensive as the same plan purchased during 2013. There are many explanations for this price difference, but the main difference is that starting January 1^st, 2014, everyone that makes application for health insurance will be accepted at the posted rate, regardless of their pre-existing conditions.  During the balance of this year, health insurance companies can limit or deny coverage for pre-existing conditions.

The higher prices for the 2014 exchange plans will be reduced for those making between 150% and 400% on the Federal Poverty Level chart, because of the Affordable Care Act’s Advanced Premium Tax Credit.  This part of the new federal law will reduce the cost of the 2014 plans for many uninsured individuals today.

For those individuals that have minor pre-existing conditions and that make in excess of 250% on the Federal Poverty Level chart, purchasing a 2013 health plan may be a good investment.   All qualified 2013 health insurance plans will help individuals avoid the upcoming 2014 tax penalty, and they may reduce the cost of the coverage dramatically.