Health insurance companies have asked to increase Obamacare premiums by an average of 1.9 percent in Nevada for 2019, according to rate filings.
“This is the lowest proposed rate increase the division has received since the beginning of the Affordable Care Act,” said Insurance Commissioner Barbara Richardson, using the legislative name for Obamacare.
Two health insurers will offer up to 15 individual plans on the exchange, where customers can receive federal subsidies that lower the cost of premiums.
The initial filings show that outside of the exchange, customers will be able to buy up to 41 plans from four different insurers, which have have requested average increases in premiums of 3.1 percent. Most Obamacare customers who don’t qualify for subsidized premiums — meaning those who make more than roughly $48,000 a year — buy their coverage outside of the exchange.
Republican Gov. Brian Sandoval said he was “pleased” with the proposals and that they were “great news for Nevadans.”
“Even though there has been uncertainty in the past, these proposed filings reflect the hard work the Silver State has done to try and stabilize the health insurance market for its citizens,” he said.
The state’s insurance regulator is expected to negotiate with the insurers over final prices, which will be announced Oct. 2. The coverage offered on the exchange tends to be purchased by people who are self-employed or work for a small business that doesn’t provide coverage.
How much customers pay for coverage through their Obamacare plans will vary based on whether they smoke, how old they are, where they live, and what their income is.
The mild increases in premiums are a departure from other states that are expecting to see double-digit increases. Healthcare experts had warned that the Trump administration’s actions to offer plans outside Obamacare’s rules and the GOP’s tax bill, which in 2019 will eliminate the penalty for going uninsured, would contribute to the rise.
Richardson cautioned that the rates may change depending on whether Congress or the Trump administration make any changes to the law.
